It’s no secret that the rising costs of living are affecting the vast majority of Canadians. You might be wondering if there is a better time to invest in building a new home. It can be frustrating to watch costs increase as you eagerly wait to step foot in to your dream home. While it doesn’t appear like costs will be coming down, the good news is that there are ways to mitigate financial risks in homebuilding.
At Lexis Homes, our Price Confidence program is designed to give you peace of mind throughout the process, by eliminating the potential for large budget overruns during the build. Simply put – we work with you to plan before you commit. Before you sign an agreement to build your new home, our team works with you to arrange all the design details to ensure you’ve got a home that you love and is within your budget.
Does the Price Confidence program really work?
The answer is yes. Let’s give you a real-life example.
We recently entered into a design process with two sets of clients. Both sets of clients began working with our design team at the same time. The design process includes developing floor plans, exterior designs, interior designs, and material selections. These items are all completed before we start construction so that our clients have confidence in their final costs before they commit to building.
Client #1 breezed through the process quickly. Their designs and material selections fit well within the original cost projections. We are now moving into the construction phase, and Client #1 will be stepping foot into their new home just in time for Christmas.
It was a different experience with Client #2. The house size stretched larger and larger in the design phase due to items requested by the client. The clients had specific tastes when it came to interior designs and materials selections. Several upgrades were added, affecting their pricing. This is fine – we are more than happy to refine designs and selections until we get things JUST RIGHT for the clients. However, it can come with additional costs increases. When we calculated the updated costs for the client, it pushed them outside of their comfort zone. Client #2 did not want to make any adjustments in the house size or selections. This is understandable – but the higher costs, coupled with not making compromises, didn’t work well together. Ultimately, they decided they couldn’t proceed with the build.
At first this felt like a FAIL. It didn’t feel good. Upon reflection, it was actually a WIN. The Price Confidence process worked as intended. While it was disheartening having to see clients have to put their plans on hold, the positive side is that they were able to discover that their tastes didn’t match their budget BEFORE they committed to build the house. It is much better to find this out EARLY in the process, rather than LATE in the build.
At Lexis, we are committed to doing everything we can to find you options to meet your budget and that are in line with your personal tastes. Building a home is a huge commitment – both time wise and financially. Sometimes, comprises can’t be made and we understand that. Our goal is always to ensure you truly love coming home every time you walk in the door!
If you are serious about building a new home but are hesitant due to challenging market conditions, we would be happy to work with you. Not only do we design homes, but we design systems and processes that take the guess work out of homebuilding – allowing you to build with peace of mind.
*Sign up for Lexis Price Confidence before October 31st, and we will hold the cost of the build from time construction drawings are complete until possession. Should you choose to build on a Lexis-owned lot, we will hold the lot price until Spring 2024.