How To Buy a Pre Sale Condo in Vancouver

How to Buy Vancouver Condo Presales 3 | Disadvantages & Risks

The Disadvantages and Risks of Buying a Pre-Construction Condo in Vancouver

In Episode 2 of How to Buy Vancouver Condo Presales, we talked about the advantages of condo presales for Owner/Occupiers. In Episode 1 we discussed the advantages of pre-construction condos for investors in Vancouver.

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Today we’re going to discuss the disadvantages of pre-construction or presale condos in Vancouver for both investors and owner occupiers and what to watch out for with this kind of property.

Rights and Obligations with Presale Condos

When buying pre-construction condos Vancouver in Vancouver, its easy to overlook the potential negative aspects of this type of purchase or investment (especially for first time home buyers!)

Purchasing a presale condo is not the actual physical purchase of a tangible property. Its actually a contract for  the right to receive and obligation to pay for a finished condo at a set point in the future, irrespective of market conditions or the buyers financial situation.

What are the Risks & Disadvantages of Presale Condos in Vancouver?  Continue Reading…

An Answer to Florin’s Question: Can a Presale Bought High Ratio be Completed on Low Ratio?

Financial Leverage and Presale Condos in Vancouver

I LOVE Questions and Comments on my blog posts and appreciate them HUGELY!!

We recently had a great question (Thanks Again Florin!) in the comments section of Episode 2 of How to Buy a Presale Condo where we discussed the advantages of pre-construction condos for Owner/Occupiers.

This question was SOOOO GOOD, I decided to bring in a mortgage broker, Chad Watts and shoot an entire video on this topic!

Florins Question:

I asked my mortgage specialist about point 3 “Financial Leverage.” The one where you mentioned “buyer who previously was a high ratio borrower to become a low ratio borrower” if the property value goes up. She told me that this in not the case anymore. The bank will only base the financing on the purchase price of the home. Is this correct and if so is this true to all banks?

The mortgage specialist Florin spoke to is right.

There are rules restricting lenders from giving a mortgage on the actual market value of a presale condo if it has gone up in value from when it was purchased pre-construction to when it completes.

BUT, this does not mean the buyer of a presale condo in Vancouver cannot leverage the increase in value of the property between the time of purchase and the completion date.

Can a Presale Bought High Ratio be Completed on Low Ratio? Yes, in a Roundabout Way!

This only works when the presale  Continue Reading…

How to Buy a Pre-Construction Condo 2 | Advantages for Owner/Occupiers

Presale Condos in Vancouver – Advantages for Owner/Occupiers?

In Episode 1 of How to Buy a Pre-Construction Condo in Vancouver, we discussed the advantages of Presale Condos for Investors. Today, we’re going to discuss the advantages pre-construction or off plan condos have for Buyers who intend to live in the property once its completed.

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As with investors buyers, presales are not for every Buyer who intends to occupy the property, but they can very good for many buyers.

7 Advantages of Presale Condos for Owner Occupiers

  1. Selection & Customization – For owner occupiers, the pre-construction purchase  Continue Reading…

Presale Condo Completions in Vancouver – Avoiding Penalties!

Completing on a Presale Condo in Vancouver and Appraisals.

I recently had the pleasure of interviewing Chad Watts of The Mortgage Group about an experience he had during the the Completion of a Pre-Sale Condo here in beautiful Vancouver, BC.

Developers in many cases only give 10 days notice of the Completion of a Presale Condo. During this time sometimes up to several hundred appraisers need to get access to and appraise the soon to be Completed suites.

(Not sure what an appraiser is? Check out this great explanation with video on What is an Appraisal!)

What does Completion mean in Relation to Condo Presales?  Continue Reading…

How to Purchase a Presale Condo in Vancouver 1 | Advantages for Investors

Why do Investors Buy Presale Condos in Vancouver?

Welcome to How to Buy a Presale Condo in Vancouver 1. This is the first in a series of videos that will explain in detail the process of buying a pre-construction or off plan property in Vancouver, British Columbia, Canada.

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Pre Sale Condos are not for everyone. But for many Buyers particularly investors, Presale Condominiums are a great option because of the advantages of this type of property offers.

What are Some the Advantages to Buying Pre Sale Condos for Investors?  Continue Reading…

How to Buy a Vancouver Presale | Introduction

Introduction to How to Buy A Presale Condo in Vancouver

In this series of videos, I will explain in detail the process of buying a Residential Presale Condominium in Vancouver, British Columbia, Canada.

(Not sure what a Presale is? Check out this great explanation of Presale Condos Here!)

Who I am:

My name is Mike Stewart, and I am a top producing and award winning Realtor in Vancouver and I specialize in Pre Sale Condos. Since 2005, I have helped my clients purchase Presale condos all over Vancouver and Pre-Sales make up a good portion of my Real Estate business.

Questions are Encouraged!

Should you have any questions at all on the process of buying a Presale Condo, feel free to call me directly at 604-763-3136 or email me by clicking HERE

What We Will Discuss in the Following Videos!  Continue Reading…