7 Reasons why 2022 is a good year to Invest In Presale Condos?
Many people ask if buying pre construction real estate is a Great Investment?
The City of Surrey has plenty of opportunities with new developments popping up every month — just look around! In many cases, buying in a presale stage of a development can be very lucrative, but the key is to find the right realtor and a project that has high investment return caliber
What exactly is a Presale Condo?
A pre-sale condo is a unit in a building that is for sale, but that building or unit has not yet been built. Purchasers review architectural models and renderings, then reserve a unit in a planned condominium building. Often, buyers can customize flooring and finishes to suit their individual taste.
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7 Advantages of Investing in a Presale Condo in 2022
#1: More Time to Plan & Strategize:
You’re buying in presale stage, which means you have time to plan your finances (mortgage) and pick up a desirable unit with options to customize as per your taste.
#2: Way less competition (No bidding war)
If you have already signed the purchase and sale agreement, you can walk away from the deal and receive full return of any deposit you paid if you deliver a written rescission notice to the developer within seven days of the day you signed the purchase and sale agreement and received the disclosure statement.
So if you are having a case of buyer’s remorse and want out of the agreement, you have a time limited opportunity to get out.
#3: Home Warranty
As per BC Housing, at a minimum, home warranty insurance coverage includes:
- 2 years on labour and materials (some limits apply)
- 5 years on the building envelope, including water penetration
- 10 years on the structure of the homeZ
#4: Lesser Risks
You’re not buying an existing home that could have structural issues or be in need of expensive repairs. Presale condos are brand new condominium developments and the chances of breaking down and having structural issues are slim to none
#5: Great Offers in a Downturn Market
When the market is in a downward trending cycle a lot of developers are willing to collaborate with realtors of reputable brands like com and willing to give incentives for our clients.
This is a perfect timing for both first time home buyers and seasonal investors to jump on the investment bandwagon & pickup great presale condo deals
#6: You pay $0 in commission
When you work with ipresalecondos.com realtors you pay nothing out of your own pocket. We have and always do work our buyer’s interest and make sure that our customers are benefiting with any presale purchase, regardless of the market situation
#7: Tons of Presale Condo Projects are on the way
In surrey and across lower mainland there are numerous projects that are being built with reputable developers. Projects like Piano, Holland Park have incredible potential to change the landscape of the whole city and many industry insiders believe that in the coming years, city of surrey’s pricing per sq. ft. will be really competitive with downtown Burnaby & downtown Vancouver
Final Thoughts
Ultimately, whether or not a presale condo is a good investment will depend on several factors, including your intended use of the condo (investment or residential), the state of the housing market, the specific location you’re considering etc.
With lower purchase prices and more desirable locations, condos can certainly be profitable investment properties and a enjoyable vacation homes.
Some presale condos will not allow you to rent while others will allow long-term but no short-term rentals (like Air Bnb). A realtor with experience in dealing with presale clients and developers can help you understand the pros and cons of specific properties.
For more information on condo developments in Surrey, contact the team at Ipresalecondos.
Ipresale Condos is not just an agency that sells real estate, but our agents believe in educating each client deal with their own professional situation. Please call or text at 604-825-8881 or email at info@ipresalecondos.com
