One of the most important decisions in the new home purchase process is choosing the community or development you will live in. It matters because the “future development” of a community or its surrounding region can pay BIG dividends for you at resale time through equity growth. In some rare cases it can also hurt property values at resale. Of course, you also have to live here so make sure the development plan is consistent with the quality of life you’re aspiring to.
Development Companies Create Communities, Builders Create Homes
The general working relationship in a NEW community is for a land development company to assemble the land; purchase it: master plan and engineer the infrastructure; obtain approvals; coordinate services and heavy construction; determine home styles and the quantities of each; configure the commercial mix, if any; articulate lifestyle amenities; and finally, select builders to help market and build the homes. The select builder group is therefore independent of the developer and is assembled to sell lots, construct homes and provide direct customer service.
“You may have to dig a little for some information but the effort will be worth it. Remember, it’s the buyers responsibility to understand implications of their community’s future development…“
This means buyers have excellent access to detailed and accurate information on future development plans for the community and its surroundings prior to purchase. You may have to dig a little for some information but the effort will be worth it. REMEMBER, it’s the buyers responsibility to understand implications of their community’s future development, though most showhomes will have an overview of this information.
After the showhome, the Development & Planning Department, or other civic or provincial, services offer a treasure trove of detailed data and information on your community and everything around it. On a macro level you can obtain copies of local and regional economic growth patterns and job creation data through Economic Development agencies or Statistics Canada. And finally, use on-line resources to chart and map crime statistics, population patterns, and income stratification to truly understand how the future may unfold for your community. It’s also advisable to review where business development initiatives are targeted as that inevitably means population growth will follow.