Are Presale Condos Cheaper?
The Purchase price of Presale Condo property is typically less expensive than what a prebuilt home averages on the available market.
With a presale condo, it is a brand new home, and comes with an expected value increase is an intriguing reasons why buyers have chosen to opt for presale condos over a prebuilt home in the past. Research and speak with a tax preparer to understand any tax breaks you get for a new construction purchase.
If you are buying a presale condo as an investor and plan to rent it out, one may consider buying the cheapest unit of the type you want to invest in, you’ll get the same rental income as the other units in the building, but the purchase price will be lower.
Investor Delight
Presale Condo Investors who want to build their portfolios and invest early on are also more likely to be offered options on splitting deposits. Rather than paying perhaps a full 20% up front, investors and their partners are often likely to be paying options in the range of 5% quarterly, depending on the developer.
That leaves the investor more money in the bank to keep earning interest, which is a useful benefit for smaller or first time investors who may be just starting out. For early investors, you would be given the option to get a pick of the premium units with the most desired views or favourable access to facilities and amenities.
These little extras will help sway or perhaps help investors have a more competitive rent when it comes to tenants if the investor plans on renting it out later. Thus, it will also help increase the value of your property if in the future the investor plans on selling.
Presale Investor Tip: Advertise your unit early on in the process — renters love brand new units!
Presale Condos Are More Affordable
When you purchasing a condo, in most cases, it is a more affordable than purchasing a prebuilt home. By having this desirable option rather than a freehold home, has pushed many first time buyers into the condo market.
This have been proven to become more affordable for such buyers because of the abundance of supply over demand.
From a developers standpoint, in exchange for approved increases in density or in height, developers often make monetary contributions to help build or re-build public community centres and parks.
Presale Condos Amenities & Options
Take your time to browse the presentation room at the sales center of your choice. Look at the details of each floor plan that suits your needs.
At each of the presale condo presentation rooms, you visit, ask those important questions.
You can even ask to visit other buildings by the same developer to see what they’re like and get a tour of the condos, giving you a feel for the style and atmosphere, to see if it suits you and your needs from either a potential homeowner or investors point of view.
To find your Presale Condo, check out our Presale Directory here.
Remember, you get to choose the desired finishes, and amenity renderings.
Conclusion:
Whether you’re looking for a condo pre-construction or resale, it’s always best to work with a real estate agent that is experienced in the Greater Vancouver Market. By working with an agent who has experience in both pre-construction and resale condos, you can rest assured that you’ll get all the information you need to make an informed decision about your next purchase.
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
