What is a Presale Condo?

It is buying the right to purchase a brand new home in a new development. The purchaser pays the deposit and is obligated to purchase the home when it does complete (is built). Deposits can range from 5-10% initially, and then another 10- 15% through the construction process, depending on the development. However you will not have to secure the mortgage until after the property has been completed. This money is held in the developers trust account until completion, they will not have access to the funds before it.

Why Would You Buy A Presale Condo?

1. Buying early in the Development means you will purchase before the prices rise as they tend to do. This can allow you to leverage your investment. Possibly to assign the contract to another purchaser for a significant profit, or use the equity to decrease your down payment with the “assumed equity.”

2. Customize your new home before it is built, it may be easier to do while it is being constructed.

3. New condos built by a reputable developer, will have the 2-5-10 New Home Warranty. Since the entire building is under warranty, there won’t be any serious structural costs for many years. This is some great risk mitigation.

4. Maintenance fees will likely remain quite low as compared to many older building who have needed some work done to them.

5. New homes are coveted by potential tenants and will garner a much higher rent from these prospective tenants, which is a great reason for investors to buy Presale Condos.

There are many great reasons to purchase a presale condo, I would be delighted to speak to if you have any questions on a particular presale or the process of purchasing a presale condo. Sign up to become a VIP Presales Member.

Chris.

Chris Ball Real Estate Advisor - Presale Condo Expert 

Mobile: 604-512-9208

Email: chris@chrisball.ca

1 Bedroom and den in awesome location in Gastown!

1 bedroom condo with office in the centre of all the action

706 - 58 Keefer, Vancouver, BC V6B 0B8, NW facing 686 s/f one bed + flex space/den or office at Firenze, part of a 3 building complex (58 Keefer, 618 & 688 Abbott). Features include open floor plan & balcony with city views. Amenities include indoor pool, sauna Jacuzzi & gym on 3rd floor and media & party rooms on ground floor. Centrally located with a walk score of 98! Be everywhere in minutes. 1 parking #317 and 1 locker. No restrictions. Go to realtor's website for suite movie, suite pics, floor plans, link to building web site & video tours. Available for immediate occupancy.

Come visit me at my Open House: Saturday October 11, 2014. from 2-4

Or call me at 604-512-9208 to book a private showing.

Fantastic Home just off Main Street

6 Bedrooms and only a kitchen to build downstairs for a mortgage helper

Welcome to the home you have been waiting for! Nestled in one of the most desirable streets of Mt Pleasant/Fraser corridor just steps to everything you want in a neighborhood community. Completely renovated with newer windows, plumbing, electrical, lighting & roof too! Main level features 3 bdrms, gourmet kitchen with S/S appliances, gas stove & double French doors leading out to a 2-tier 300 SF cedar deck. With an additional 3 bdrms below & walk through den you have endless options on how to utilize this desirable floor plan for a growing family or mortgage helper. Current owner using the whole house w/a 2nd kitchen ready to be put back in. Let the kiddies run on this large & extra deep lot surrounded by fruit trees & private garden oasis. Just steps to Main St shops & restaurants, only blocks from Riley Park & Hillcrest Comm Centre. School catchment: General Brock Elem, Charles Tupper Sec, L'Ecole Bilingue Elem, Laura Secord Secondary & Winston Churchill Secondary for French Immersion. An absolute must see!

Call Chris at 604-512-9208 for a private showing.