The 3 advantages of building vs buying a new home are huge savings, customization and unlimited choices. Continue to read to find out why.
1. Huge Savings
Customization is usually much more expensive than ready to buy products. However when it comes to buying a brand new house in Vancouver. It’s much cheaper to build a brand new house than to buy a brand new home. Let’s look at the numbers:
Vancouver West Side Standard lot Example
(a standard lot is 33 square feet times 122 square feet)
A brand new house 🏠 usually cost around 4 million dollars
A standard lot with an old house is usually around 2.5 million dollars
Property Transfer Tax (PPT)
The Property Transfer Tax for the brand new house is $118,000
The Property Transfer Tax for the standard lot is $53,000
The advantage of building instead of buying:
PPT Total Savings
$118,000 – $53,000 = $65,000
GST
A 5% GST is charged on all brand new houses.
The GST for a brand new house is $200,000
There is no GST for used owner occupied homes.
The advantage of building instead of buying:
GST Total Savings
$200,000
The Cost Of Building A New Home
The average total cost to build a brand new house in Vancouver’s West side on a stand lot in 2022 will be around $1.3 million dollars. (A total cost that includes everything from start to finish)
The the brand new house cost $4,000,000
The standard lot + custom home is $2,500,000 + $1,300,000 = $3,800,000
Once again the advantage of building instead of buying:
Total Savings
$4,000,000 – $3,800,000 = $200,000
The grand total saving in our example is almost half a million dollars 💰💰💰
$65,000 + $200,000 + $200,000 = $465,000
2. Customization: Custom Built For You
Best Layout For You & Your Family
The layout is customizable to fit your needs. Of course, it also has to comply with city building bylaws but other than that. It’s up to you how you want your house built.
Just imagine. If you love cooking you can have a bigger kitchen.
If you love to work from home you can have a bigger home office.
If you have children you can have a library 📚 built for them.
If you love gardening, we can help you build a garden with a smart system. 🏡 Running all the drip lines, sprinklers, soaker hoses to the exact locations so you can effortlessly have the dream garden you’ve always dreamed of.
The Latest Exterior & Interior Designs 🎨
Most new homes on the market are designed to fit the homeowners tastes. Not every person is a talented designer with very good taste 🤫. Some homeowners do not hire good designers because they do not see the worth.
Realtors look at homes all day, every day. We work with a lot of top Realtors. One of the most common complaint we hear is a lot of new homes on the market have outdated designs🙅♀️.
Good design doesn’t have to be unaffordable. If you know where to look for the right designers and the right places to spend your money on. Your new house could sell for a record breaking price📈📈📈. This is where we can help you achieve that goal.
3. Unlimited Choices
When you build a custom home the choices are countless. From home style to home size to how luxurious you want your new home to be. The only restriction would be how big is your wallet.
When you buy a brand new home there are very little houses on the market to choose from. And to make things worst, to cut down the cost of investment, most of the quality of these homes, ranges from mediocre to poor.
If you choose the right builder to work with, for sure you will get a quality house built for you.
Want to come experience a Glenmark Homes yourself?
Conclusion
The biggest advantage of buying a new home is that you can move in right away. It is a matter of convenience vs cost, customization and new home availability. However with all the advantages of building your dream home, it is truly worth the wait. Good things take time.
