How can you make money in Pre-construction Investing?
Pre-construction Condos Myths & Mistakes: What You Should & Shouldn’t do while buying a Presale?
Purchasing a pre-construction condo is a huge financial investment.
Since it’s not built yet, you’re buying based soley on a concept – an understanding of what the final building and condo unit will be like.
Also, unlike purchasing a freehold property like a house, you’re also paying for maintenance, upkeep and common amenities just to name a few. That’s why it’s important to consider all of the facts about purchasing a pre-construction condo before you put the down payment in place.
There are numerous commonly believed myths about the process of buying a condo that cloud the minds of many people.
Let’s uncover the truth behind a few of the most popular myths about buying a pre-construction condo
What is a Pre-construction Property?
A pre construction property is a type of real estate that developers offer to the public before the building is complete.
Buyers are offered the opportunity to purchase units, sometimes at a reduced price, knowing they will eventually pay the full price when construction is finished.
Although buyers must eventually pay the entire price of the presale condos, a mortgage loan is not required until the unit is completed.
If the market rises while the presale is being developed, buyers will be able to leverage their initial presale investment.
11 things that you should know before investing in a Presale Condo
Find A Realtor with Insider Access to Presales
If you are looking to make money in presale condos, you need to know the right people. And by that I mean people who have access to presale condo sales figures and information.
Read here: What is Insider/ VIP Access to Presales
Preconstruction condo investments can be very lucrative if you do your homework and choose a good project.
Why is Insider Access Imperative for Presales?
If you are looking to make money in presale condos, you need to know the right people. And by that I mean people who have access to presale condo sales figures and information.
Read here: What is Insider/ VIP Access to Presales
Reason #1: First In Line Access
Realtors with a resourceful network and rapport with reputed builders can help you get accesss to pre construction deals with really attractive deposit structures , first round pricing and insider information before anyone else
Reason #2: The Best May Already be Reserved
Some developers will reserve top units for their top performing realtors, friends or family. A presale realtor with exceptional negotiation skills can help you avail the best product and get top dollar from it.
Reason #3: Neighborhood Analysis
You’ll want to work with a real estate agent who has experience in the neighborhood you’re considering.
A good agent will know what types of pre construction homes are selling well, which ones aren’t and why. He or she will also be able to tell you about schools, parks and other important amenities in the area.
Reason #4: Helping hand with Mortgage
A presale realtor with a solid network will help you get in touch with mortgage reps. They will also help you understand what kind of loan makes sense for you based on your financial situation and goals.
Conclusion:
By enlisting the services of a seasoned real estate agent, you can rest assure that you won’t offer more than the house is worth or more than you can realistically afford to purchase. Contact Ravi today, who will approach the deal with a cool head and ensure that all decisions made are in your best interest.
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
