Updated by Mike Stewart PREC March 23, 2023 Vancouver Commission Calculator Real Estate This page…
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 –
- Selection & Customization – For owner-occupiers, the pre-construction purchase of a condo allows for, in many cases, a level of variety and customization not available on the resale property market. Want a 23rd level view suite with 2 parking and 3 lockers? Want to take two 1 bedroom suite and make them into a completely unique large 2 bedroom? Chances are you can get exactly what you want by buying a presale condo.
- Simplicity – An owner-occupier can put a small deposit down on a presale and continuing living in their existing home until the presale is ready for occupation. Any issues with the newly completed property should be covered by the 1-year developer’s warranty.
- Financial Leverage – Owner occupiers buying a pre-sale in a rising market also can benefit financially. The buyer may have bought the presale at a time when real estate prices were lower than when the property completes. This may allow the buyer who previously was a high ratio borrower to become a low ratio borrower thus saving thousands of dollars in Mortgage Insurance premiums.
- Leverage for Non-Canadian Residents – Normally Non-Canadian residents have to put down a 35% nonpayment (please confirm with a mortgage broker) when buying an existing property in Vancouver all at the time of purchase. When one buys a presale in Vancouver the deposit usually 20% irrespective of country residence.
- Warranty Protection – Owner/Occupiers can rest easy knowing that they are covered by the BC Government administered 2-5-10 year warranty program.
- Newness – Many buyers enjoy being the first owner of a product be it a car, a handbag, or a condo. Presales offer guaranteed newness when purchasing a property. Newness, in most cases, means all the mechanical and other systems are at the beginning of their life and should perform as expected and not need repairs or replacement for 15 to 25 years.
- Low Ownership Costs – Newer properties tend to be more energy efficient than older properties which keeps utility costs low for completed presale condos. Furthermore, during the 2/5/10 Warranty Period, there is a very small chance a Buyer of a competed presale condo will have to pay high maintenance fees or large assessments to repair the building.
Looking for Presale Condos? Check out these Great Videos with the Newest Vancouver Presales!
Need Advice on Buying a Condo that is Already Built? Check out How to Buy a First Home in Vancouver!
Check out Episode 3 of How To Buy a Pre Construction Condo in Vancouver Disadvantages of buying a Presale Condo in Vancouver.
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