Buying Presale
When you're considering a presale property for living or investing, it's important to ensure that you have all the information. We will help you by arranging access to the developer’s presentation centre, negotiating your purchase and coordinating all details to ensure your experience in seamless, but knowing the basics will help you to feel even more comfortable throughout the process.
WHAT EXACTLY IS A "PRESALE" anyway?
Real Estate developers and their sales & marketing teams use the term “presale” to classify a home that is available for purchase prior to being ready for occupancy, usually during the preconstruction or construction phase. If any homes in the development are still available once they’re move-in ready they’re then called “new” homes.
ADVANTAGES OF BUYING PRESALE
No hassle: compared with the frenzied approach of buying a move-in-ready home on the MLS system, buying a presale offers a seamless experience. No multiple offers, no stress, no need to play the game of complicated subject-free or cash offers.
Selection: you’ll have the most selection early in the offering when the bulk of floorplans are released.
Personalization: choose the finishes and details that you prefer, with developers offering multiple options for color schemes, flooring, appliances, cabinetry and more.
Financial planning: deposits are made according to a schedule meaning you’ll have smaller injections of capital with clearly defined deadlines, allowing you to save (great for first time home buyers) or use funds for other investments in the interim. Additionally, mortgage payments don’t start until you move-in, again great for first time home buyers or those interested in generating positive rental income from their presale. You also get flexibility, with a seven day right to rescind period, buying a presale property is the ultimate stress-free experience.
Lift: the opportunity to invest early allows buyers the potential of appreciation by the time of completion.
Security: presale properties generally come with the benefit of standard 2-5-10 year warranty.
Newness: really, is there anything better than a brand-new, move-in ready home?
Community: many presale developments include communal amenities such as rooftop patios, gym facilities, playgrounds and more, not to mention they often incorporate a retail, dining or entertainment element, meaning you have everything you need at your doorstep.
THINGS TO CONSIDER WHEN BUYING PRESALE
While your situation will be unique, three factors are at the top of the list:
Timing: consider when you would like to be in your new property. If a longer lead time works for you, advantages of buying presale can be greatest when purchased early in the preconstruction phase, often 2-3 years ahead of completion.
High demand locations: presales along rapid transit lines or in “energy centers” clustered around key skytrain stations are seeing consistent levels of interest.
Bring your trusted advisor in early. We can help you gain early access which can make all the difference in selecting the home you want, keep you from waiting in opening-day lines and ensure you have access to any developer incentives. Additionally we can help you to negotiate any special inclusions such as parking, storage or developer upgrades.