Many homeowners are lured by the option of buying a brand new place, whether being a house, condo, or townhome. Buying into a new development offers many advantages, particularly when you are buying in the presale stage. Presale is when a purchaser acquires a home before construction is complete.
Advantages Of Buying A Property Presale
1. Downpayment
Most developments in Kelowna require a ten percent down payment to secure your house.
2. Clean Slate
There is not a strata council already in place; therefore, you can be part of the process of creating your own community and environment.
3. Fresh Construction
New typically means electrical, appliances, mechanical as well as other systems are still new, and generally, using the most current standards and technology. You also don’t need to worry that your house is not according to the existing code.
4. A Greater Selection
When you purchase presale, you have a greater variety in terms of the view, which way your home faces, the number of bedrooms, floor, location of your unit within the new development, etc.
5. Likelihood Of Financial Prospects
The likelihood of financial gains when the development is under construction is excellent news for your investment. Presales have not always noticed an appreciation; however, knowing where and what to purchase will assist with reducing the risk and enhance the odds of a favorable purchase at the time of close.
6. Individualization And Upgrades
Buyers of presale units often have ample input about characteristics like materials, color schemes, finishes, and in some cases, the floor plan. Check out KelownaCondos.ca for more information on available condos.
7. Planning And Saving
If you are not planning on moving quickly, you can utilize the time to your benefit. It leaves you with adequate time to save on closing fees like legal costs, cleaners for the rental you are leaving behind, movers, etc.
8. Location
Instead of waiting to see if anything pops up in an area, you desire, if you will buy a presale condo or townhome in a new development, you will have more choices.
9. It Is Clean And Brand-New
I draw some purchasers to the unused and untouched type of cleanliness that can only be found in a new build. Nothing is as fresh as something that is coming out of the box.
10. Warranty Protection
Brand-new builds must usually be covered under a two, five, or ten-year new home warranty.
11. Lesser Operating Costs
A new home typically costs less to maintain and operate.
What Are The Risks?
There are some risks associated with buying a presale, but you can alleviate some of the stress by enlisting the aid of a real estate agent who is well versed and experienced in the field of new developments.
- The Project Not Completed– In some cases, developers must secure a specific number of presale purchases to receive different stages of financing for a project. There is always a risk of the project, not generating the presale interest for it to proceed. Real estate agents have a better understanding of local developers and can predict when a presale purchase is on the risky side.
- Delays In Construction– the move-in date is based on the construction schedule; therefore, you won’t have a secure date.
