Presale Condos: Myths & Mistakes To Avoid
Presale 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
Myth #1: They are not affordable
Buying a condo, is a more affordable and a much more desirable option than a freehold home.
According to the National Bank’s chief economist, Stéfane Marion, “The single-family home market has become unaffordable and that’s the reality for markets such as Vancouver and Toronto.” This alone has pushed many first-time buyers into the condo market, which has actually become more affordable for such buyers because of an abundance of supply.
What really to consider is whether purchasing a condo is affordable for you. To find out, visit the website or sales centre for the condo development you’re interested in.
Also, the developer’s website may have an affordability calculator.
The sales centre staff should be equipped to help you out and present you with suite options that align with your budget and needs.
Be sure you know your financial stats including your monthly income, monthly debt payments and the amount you have available for a down payment in order to get an accurate idea of what you can afford and when.
Myth #2: Endless Waiting For Your Condo To Be Ready
While delays can be caused by inconveniences that are beyond the builder’s control, top-rated condo builders will always make it their mission to stick to the development timelines as closely as possible.
While this can be true, it’s not the norm. Be sure you do your research to ensure you’re buying from a reputable builder with a solid track record.
Myth #3: Surprise Bill At Closing
A reputable builder/developer will not attempt to hide any closing costs from you, and will actively work to include any extra fees into the price of the suite so that they can be included in your mortgage payments.
When you’re evaluating prices, take this into consideration. If a unit by one developer looks more expensive than the others, it doesn’t necessarily mean you’re overpaying.
It could mean that all of the costs are being included in the purchase price, meaning there won’t be any surprises for you at closing.
Beware of developers who try to entice you with low prices as you may end up cutting a big cheque at the time of closing.
The developers know certain local real estate agents and recognize their efforts in assisting buyers, agents like Ravi Bhindi with Ipresales can assist you.
Presale Condos: Myths & Mistakes can be effectively deflected by a realtor that specializes in presale projects.
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.
If you need a presale condo, this option is perfect for buyers who want a new home to move into in the future, and who want to lock in a price and not worry about competing for units when a building is complete. Contact Ravi Bhindi at 604-825-8881 or visit Ipresale directory