Just like buying a car, there are pros and cons to purchasing a new build. And in a real estate market as hot as Canada’s, potential homebuyers should be carefully weighing all the options available to them before making a purchase.

A new construction, also sometimes known as a pre-construction, includes any property from a single-detached home to a condominium to a townhouse. It also includes planned new constructions, where the purchaser is involved in the design process.

One of the big benefits of purchasing a new build is that the property is, as the name suggests, brand new. No one else has lived there before and it’s in pristine condition on move-in day.

No renovations are needed and the stress of expensive repairs down the line is alleviated. This means it is much lower maintenance. An added bonus is that most new constructions are also more energy efficient, which will save you money in the long-term.

On the flipside, those benefits come with a price. A new build is usually more expensive than similar pre-owned properties. And the timelines to get the keys can be much longer – sometimes pre-constructions can take months, or even years, to be completed.

This means the homebuyer is on the hook for the cost of living somewhere else while waiting (although in today’s market, many people who purchase new builds find that by the time they move in, their property has appreciated significantly).

And while it can be great to have the option to design and customize the home before it’s build, those upgrades are often more expensive than getting the work done by a third-party.

Ultimately, the decision of whether to purchase a new build or a pre-owned property is up to your budget and your timeline – for many people, it can be a great option. A word of advice, many developers required a prospective purchaser to arrive to the first showing or meeting with a real estate agent if they plan to use one they chose. Otherwise, you may have to go with their in-house real estate brokers who might not be able to negotiate on your behalf as effectively.

Laurier Heights is a residential neighbourhood in west Edmonton that overlooks the beautiful scenery of the North Saskatchewan River. The community is bounded by
87 Avenue, Buena Vista Road, 149 Street and Whitemud Drive. It also runs along the river valley to the east and south east.

Most of the development in Laurier Heights began after the Second World War, with a significant portion of homes built between the mid-1940s to the 1970s. The area is well loved among young professionals and families alike. It is near some of the most popular parks and trails in Edmonton including Laurier Park and Buena Vista Park. It is also home to the popular Valley Zoo, several schools and a shopping centre.

With the rising costs of bills in Canada and a growing concern for the environment, green renewable energy is becoming increasingly popular. The dream, some say, is to have a fully electric car powered by the sun – no gas, no electricity bills!

Of course, solar panels don’t come without their own costs. It can cost on average between $15,000 to $30,000 to install solar panels in your home – a significant investment upfront. In some cases, there may be government incentives or grants to help offset this cost, or low-interest loan programs.

The best way to determine if solar panels are right for you is by looking at how long it will take to pay off the installation compared to not using solar energy. Solar panels usually last between 25 to 30 years so if the system pays itself off in 10 years, for example, then it’s likely a good option.

Part of this equation is comparing how much energy you use to how much solar energy you can harness with your panels. Take an average over the last 12 months of your bill to get an idea of your kWh usage. Then, consider how much sunlight your area gets and how much energy your solar panels could produce. In the average year, British Columbia gets just over 1,000 hours of sunlight and Alberta gets about 1,200 hours.

In addition to the money savings over time, installing solar panels can also be a way to reduce your carbon footprint. It also raises the value of your home, so you can recoup the cost if you end up selling before you have time to fully realize your savings.