There is a home for just about everyone's budget when it comes to buying brand new. This is because there are many things to consider in terms of a home's model, location, and style. Below are a few of the biggest influencers when it comes to the overall cost of a new home.
Community (or Location)
The area in which you choose to purchase can make a big difference in purchase price. For example, a single family home closer to Edmonton's city centre is likely to be more than the exact same model in a bedroom community like Stony Plain.
However, you'll want to consider what brings more value to your lifestyle.
Bedroom communities may offer more affordable housing options but may require a commute. Homes in the city may be more expensive but the trade-off is convenience.
A home's layout is also another factor that's sure to influence your budget. For example:
Townhomes can start at $279,000, and would then go up, depending on what you're looking for. This is a budget-friendly option for people looking for a brand new home that requires minimal maintenance. This is also a fitting choice for someone who is a first-time buyer or looking to downsize to something smaller, yet still comfortable.
A duplex is similar in concept to a townhome and starts around $330,000 - perfect for home buyers who want the feel of a single family home without the added cost. A duplex also fits into having less maintenance and gives you the opportunity to live in a neighbourhood that may not offer single family homes in your price range.
Laned home prices start around $350,000 and offer larger yards and, depending, a little more room. This type of home is ideal for a growing family or someone looking to upgrade from townhome or duplex.
Laned homes may come with a rear detached garage, plenty of square footage and make a great choice for those looking for a more affordable single-family home option.
Front Attached Homes
Front attached homes start at the $400,000’s and range upwards from there. This is an option that is fitting for someone looking for more room than what they currently have. For example, a growing family that needs lots of storage, or more bedrooms or bathrooms would benefit from a front attached home. Not to mention, a front attached garage is a huge bonus when it come's to Edmonton winters or having to haul in the groceries.
The option for upgrades is one of the best reasons to opt for a brand new home. They allow you to personalize and guarantee you'll get exactly the look you want in your new home. That being said, upgrades do add to your overall costs. So, if you want a home decked out with granite countertops, hardwood flooring and designer light fixtures, you may want to opt for a townhome or duplex in order to offset the cost.
Also, you can consider limiting your upgrades to just one or two things that really matter most. There is always room for more upgrades in the future which is the joy of owning a brand new home. As mentioned above, a common upgrade most people love is granite countertops instead of the standard laminate or quartz.
Another upgrade most buyers look into is changing the laminate or vinyl flooring to a more original finished hardwood. These will also add value to your home in the long run!
Working with a good builder means that even the standard finishes will be designed with quality in mind and can be easily changed later on.
Lastly, the characteristics of your lot will impact the cost of your new home. For example, the lot a townhome is built on is generally smaller and likely to be more affordable than say a laned or large front attached lot. Conversely, larger lots are perfect for families with children as they give more yard space, but the size will be reflected in the overall cost of your home.
Another factor to consider when it comes to your lot is landscaping. A good builder will offer affordable landscaping packages but these are generally not included in the purchase price. If you choose a large lot, you'll need to consider the additional costs associated with sod, fencing and more.
Now that you know what to look for, you're sure to find a home you love at a price you can afford. Talk to your builder about what you're looking for and they will help you find the perfect home to suit your unique needs and budget.
If you haven't yet decided on a builder, then that would be your next step. We'd love to build you and your family's next home. We've prepared a short guide that explains the Sterling advantage. Just click the button below and discover why you should build your next home with Sterling Homes.