While some buyers feel the need to see and touch the finished product before purchasing, others are comfortable buying properties from conceptual plans and models. Buying a pre-sale condo can have its advantages such as better initial pricing and selection as well as risks which can include delays and the impact of changing markets over the building cycle. Many aspects of buying a pre-sale condo are similar to that of purchasing a re-sale unit however; if you are not familiar with the process and what to watch for it can be overwhelming. Fortunately, you are able to enlist the services of a REALTOR® to assist you at no additional cost provided that you advise the Presentation Centre that you have representation.
These are some of the reasons why you should use a REALTOR® when buying a pre-sale unit:
These are some of the reasons why you should use a REALTOR® when buying a pre-sale unit:
- Educate you on the pros and cons of pre-sales
- Get inclusions not always offered by the Developer
- Review of the Disclosure Statement and other documents
- Realistic expectations regarding timeframe for Possession
- Insights as to what is happening around the immediate building and potential changes in the future
- Background on the Developer
- Assistance in understanding how to read the floorplans
- The suites/floorplans that are best for resale
*Please note that in British Columbia, newly constructed homes are subject to the Provinces Good and Services Tax or GST. The tax is equivalent to 5% of the purchase price however. For a quick calculation of the GST please refer to this calculator.
"Just wanted to thank you for all your help in purchasing my mom’s first condo, as we had no experience in buying directly from a builder, nor with all the contracts and “norms” that go along with new construction projects. Your professionalism in answering our seemingly endless questions, and acting on our behalf was reassuring during stressful moments. I was relieved you could represent us; I initially assumed builders sold directly to the buyer and wouldn’t involve a realtor. Thanks again," — Rhonda St. John
