When choosing a presale condo in Vancouver, you are not necessarily purchasing a tangible property just yet; You are receiving a contract for the right to receive a finished condo in the future. For this reason, there are a few things you are going to want to look out for when visiting presentation centres and meeting developers.
1: The presale builder
Research the developer and assess whether they are a reputable builder in the city. Look into their past projects over the past few years to note things things like quality and timeliness. Take this time to consult with your realtor and get their take on the possible projects you have in mind.
2: Finishings and construction details
As part of one of the steps to purchasing a presale home, you’ll have the chance to visit a presentation centre, walk through the display unit and take a closer look at the features and finishings. Take this chance to assess whether these are up to the standard you would expect from the price tag you are going for. This is your chance to ask more detailed questions that will benefit you in the long-run.
3: Pricing compared to current resale options
When considering whether a presale condo is a good investment, ask your realtor to look into some comps and assess how your new unit would stack up against newer homes in the market. This exercise will help you assess whether it’d be a better investment to move forward with the presale option or to export purchasing a resale if you’re able to at the time.
4: The area
Considering presale condos can sometimes take up to 3 years or more to complete from the moment you make an offer, do some research to understand what are the other proposed neighbourhood changes. Look for things like schools, daycare, community centres as factors like these can help your boost your property value while your condo is still being constructed.
5: The floor plan
One of the greatest benefits of purchasing a presale condo, is that you can pick your desired floor plan and location in the building. Consult with your realtor to understand which kind of floor plan will appreciate over time when it comes to the resale of your unit. Keep in mind that presale units are first-come-first serve so there are times you might have to be quick to obtain your desired floor plan.