One big benefit of buying a new home is you have choices when it comes to choosing one that fits your timeline. Once you’ve clearly established when you want to move in, you’ll have a better idea of which home can give you the features you want and work around your schedule. Take a look at the options below to help you determine which option – new, spec, or quick possession homes – is best for you and your family.

1. Building a New Home From the Ground Up 

There are many benefits to building a new home, especially if you want to be part of every bit of the decision process. Building new offers you a home that’s been customized to your exact needs and tastes. Not only will a good builder help you realize your ideas, but they’ll work hard to make them a reality. 

Here are a few of the many other reasons why a new build may be ideal for you:

• New home builds are generally finished in nine to twelve months
• You can choose from a variety of neighbourhoods, lots, and models
• You can choose your perfect floor plan, features, and finishes
• You can selectively spend on what you feel is most important
• With all these benefits, you may decide that building a home is ideal over purchasing a pre-existing one. But there are other options for those that find being a part of the entire process too much.

As you can see, a new home build offers you the most customization and flexibility, but that means you need to be willing to wait for it to be built. Building a new home is a great option if you don’t need to move right away and you can build it around a timeline that works best for you. 

For example, a new home that starts construction in the summer means you can estimate a possession day for around the same time next year. You and your family can get settled in your new home just in time for the new school year and will have the time you need to enroll them in a nearby school. 

2. Buying a Spec Home 

When you buy a spec home you’re investing in a home that’s semi-finished – and usually, the rest can be done to your requirements. A spec home offers a lot of the same benefits as building from scratch but the lot, model, floor plan, and some features may already be chosen (this varies depending on where the home is in the build stage). 

Here are some of the top reasons why a spec home may be the right fit for you:

• A happy medium between building from the ground up and a move-in ready home
• The build timeline is shorter; usually three to five months away from possession
• Ideal for a home buyer who finds too many decisions overwhelming (but still wants a few choices)
• As mentioned above, you likely won’t be able to change key components of the design but there may be opportunities to make adjustments to things like countertops, cupboards, flooring, etc. 

Spec homes are great if you struggle with making decisions and want to pick from a floor plan and design you’ll be able to see in person. You’ll have a good idea of what your home will look like and can pick out some finishing touches to make it your own. 

These homes are built on “speculation” which is where the name comes from. It has all the most popular features buyers typically choose and will be ready for you to move in sooner. If you really want a new home and don’t care as much about the finer details, this option is worth taking a closer look at.

3. Buying a Quick Possession Home 

This is the perfect choice for those who want their new home now; already built and basically 100% move-in ready. It’s the closest thing to a resale home in the new build selection in regards to timeline.

Here are some additional benefits of a quick possession home:

• The price you see is the one you pay – no worrying about upgrades and added costs
• What you see is what you get and you can inspect everything before purchasing
• Quick possessions are available in nearly every model, style, and community
• The predetermined style and finesse of quick possessions make buying a home as easy as possible

Quick possession homes are perfect for any type of home buyer. Generally speaking, if you want to move into a new home right away or have an urgent need to relocate, this type of home makes the most sense. You can skip right to the good part and get excited about possession day once you find the right move-in home for your needs in a community you want to live in.

Once you’ve found the right builder and have decided on a time frame, choosing the ideal home – whether it’s a new, spec or quick possession home – should be easy. Here are some of the best home builders in Edmonton and a list of great Calgary home builders to help you get started. You could be moving into a new home sooner than you think! 

Originally published Sep 7, 2017; updated Mar 17, 2023

Photo credits: New build, Quick possession

Author: Jeff S.

Proud father and husband. Loves music, Nine Inch Nails, UFC and inbound marketing.