How to Buy A Presale Condo
How to Buy A Presale Condo?
If that is the question you have been pondering, you can find the answer here.
The fact of the matter is that people will always need a place to live, why not have that place close to where we do business in. A Presale Condo, with a positive feature that the prices of real estate will increase over time. The price of a presale condo property is most of the time less expensive than that of a pre-existing home.
Here Are Few Ways..
By purchasing a condo tomorrow, but at today’s price, you’ll want to make sure the delivery of the property is at least 6 months to a year, possibly two years out.
PreSale condos are less expensive due to the developer being in the fundraising phase and as a developer, they would like to get as much money as possible before breaking ground.
This also is a positive for you as the buyer. You will also be able to let the developer know what you’d like in your own floor-plan. Essentially designing your own home, which you wouldn’t get with a finished property.
Owner vs Investor
When you as the buyer or investor, decide to invest during the pre-construction phase of your presale condo, after you wait a couple of short years, the value of your condo will have gone up significantly in price. And you won’t neccessarily have any property related expenses during that time.
Having the choice to buy the cheapest unit of the type you want, you’ll receive the same rent, but pay less for the unit. You would be given the option to buy the cheapest unit 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. In turn, it will additionally help increase the value of your property if in the future the investor plans on selling.
In British Columbia, Canada it is common practice for the buyer of a presale condo to put an initial deposit down when writing the purchase offer. It should be noted though that in B.C., you as the purchaser have the right to cancel the contract to purchase the property up to 7 days after the developer has accepted your offer.
It is called your 7 day rescission period, and is a part of provincial law in BC. During this 7 day rescission period, this allows you to walk away from the purchase of your presale confo for any reason, regardless of whether it’s related to financing, interest, deposit funds, or something entirely different.
This also means you will have your initial deposit that you put down at the time of writing, returned to you.
Though if the 7 day rescission period passes and you decide to back out after that time, you will not receive your deposit back.
We have written a complete article defining what you should know before buying a Presale Condo
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.
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.
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