EXCLUSIVE VIP ACCESS TO PRE-SALE PROPERJECTS
Purchasing a pre-sale has many variables, Mindy helps his clients navigate the market for condos, townhomes, duplex’s, and homes.
There are multiple pre-sale projects going on all the time, verifying the builder and quality is a critical step In this process to help you make informed decisions.
With quality and sought after projects selling out quick, it is crucial to get in a request form to the developer with your desired unit giving yourself the optimum chance of securing a unit.
Mindy offers full representation to purchasers looking for a pre-sale project.
Get in contact today for a free consultation.
WHAT IS A PRE SALE
A pre-sale is when a developer sells a buyer a property before that property is built or completed. The Buyer purchasing the pre-sale is buying the right to a completed property that will be built in future.
Buying pre-construction condos have become a very popular option for many homeowners and investors in Vancouver. It allows these buyers to have the benefit of prices increasing without having to pay a mortgage, property taxes, maintenance fees, or deal with troublesome tenants. Pre-Sales also allow owner-occupiers the ability to customize the property they buy. However purchasing a pre-sale comes with its own set of risks to understand, and here’s what you need to know.
When purchasing pre-sale, you only need to have your down payment available. Depending on the contract there may be other smaller payments along the way, based on the schedule of construction. Generally, the entire payment is not due until the building is completed, which may provide a few extra years to save and qualify for your mortgage amount.
Your down payment and deposits are held in a lawyers trust account. This restricts the developer from accessing the funds until he building is complete.
New properties are subject to mandatory home warranties and insurances. This gives you a minimum of two years on the labour and materials, five years on the building envelope, and ten years on the structure of the building.
Being involved from the start may give you the opportunity to customise the layout, finishes, colour scheme and more to make sure the property you move into is the one you want, from day 1.
HOW TO BUY A PRE SALE
This is an overview of the process for buying a presale unit. You’ll have specific questions during the process, and that’s where Mindy is able to help for any questions or concerns you may have.
1. Figure out your finances and what you’d be able to afford. Meet with a mortgage broker/lender.
2. Research areas in BC that you’d like to live in
3. Discuss budget and desired suite configuration, outlook & location.
4. Schedule a visit and review floor plans and finishing’s.
5. After deciding on a unit, write an offer.
6. Once your offer is accepted, you make your deposit.
7. Deficiency walkthrough which is effectively a pre completion inspection. You’re able to walk through the unit to make sure everything is what you expected.
8. Complete the purchase of the finished condo and move in.
Mindy’s index of new residential developments features exclusive pre-sale information from pricing, to floorplans, renderings, down payment structures, and completion dates.
A pre-sale is when a developer sells units of the development before it has been built and often before construction even begins. This offers exciting opportunities for all types of buyers from first time homeowners, to real estate investors, and offers purchasers unique strategies to get into the real estate market.
New developments are constantly rising across the lower mainland to sustain the population growth as the lower mainland continues to be one of the most desirable places globally to build a life.
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