Investing in Real Estate has always been tempting. Presale Property is one of them. Putting your resources on a property can multiply your savings if done carefully. When you are in a constant quest for growth, investments can save your life. With increasing prices of benchmark houses and properties, Pre-construction units(condos) can be the best thing to invest.
6 points to consider before investing in a Presale Property:
Choosing the right developer
When you plan for a Presale Condo, you are actually investing over Developer/Builder. The most important thing to consider before investing is to look for the right developer. Research on Condo Developers, their past work, skills, rating, etc. A reality check of the developer’s background is crucial as the property market is flooded with new and inexperienced developers. To begin with, do check the company’s history, its product portfolio, and its associates. Ideally, the longer a developer has been in the profession, the better. This means there would be a lot of information about its previous projects in the public domain and that can be easily verified. This also makes it simpler to cross-check the quality of its construction and its reliability. To simplify this, you can also purchase through a certified Presales website. They have proper listings by skilled, qualified and reputed developers.
Don’t just look for apartments or Condos but also to the surrounding neighborhood. Check out for the amenities, location, surrounding area. Pay attention to these attributes.
- Walking Distance
- Transit options
- Noise Level
- Other Proximity to local amenities
Study Floor Plan
Developers can mislead you with floor plans. Developers usually add furniture, shelves, etc to make space look bigger. Be focused on the Measurements, Structure and Carpet area. Just to cut your efforts, you can go through Presale websites as they explain your Floor Plans in detail and will also help you to understand the actual make of Condo.
Yes, in the end, everything comes to finance. It is all about your hard-earned money. Read documents carefully and get into the details of the fine print of your contract. Make sure you can fulfill the payment obligations, budget, etc. When buying a presale, you usually pay a 20% presale deposit to the developer to secure the property. Once the property is completed you get a mortgage for the remaining 80% payable and the 20% you paid the developer is included and forms part of the purchase price. Sounds difficult? Again, give it a try with Presales websites. They are there to help you understand your contract and you will get all the possible help from them.
Yes, you will have to pay taxes for your pre-construction Condos. Worried? If you plan to live in the property yourself, you can qualify for a GST rebate. If you are a buyer that intends on living in the new build as a primary resident then you are most likely eligible for a rebate of 36% of the 5% GST. The full G.S.T. New Housing Rebate is available for new homes priced up to $350,000. There is no G.S.T. New Housing Rebate on homes valued at over $450,000.00 so the full 5% will be paid.
Discounts & Perks
You can look for discounts on Presales condos. Yes, developers offer time to time discounts or perks like parking space, storage area, lockers on presale properties to lure customers. PresalesBC offers 25% flat cashback to the customer if you book through us. This discount is only by PresalesBC and not by the developer. What are you waiting for?
Investing in a Presale Condo is actually more beneficial than buying a resale apartment. All you need to do is keep an eye on the details. You can give us a call anytime at 604-928-1000 and we will be more than happy to assist you.