Vancouver's pre-sale condo market offers a range of opportunities for buyers, including those who are new to homeownership and experienced real estate investors. Pre-sale condos are units that are sold by developers before they are built and sometimes before construction has even started.
Montrose Square By Quantum Properties
The buyer purchases the right to the future property and is responsible for paying a deposit, which is usually 5-10% of the purchase price at the time of purchase, with another 10-15% paid in installments during construction. The developer does not have access to the deposit money, which is held in a trust account until the project is completed. If the project is not completed, the full deposit will be returned to the buyer.
There are several benefits to buying a pre-sale condo. First, you take possession of a brand-new property upon completion. Second, you often have the ability to customize your suite in ways that are unavailable in the resale market. Finally, you are able to lock in a price at the purchase date, with the potential to benefit from a rising real estate market, without the costs of monthly mortgage payments, property taxes, and maintenance fees.
However, it is essential to carefully consider the potential drawbacks to buying a pre-sale condo, such as the risk of construction delays or budget overruns, the possibility of changes to the unit or building, and the fact that you will not have the opportunity to physically see the property until it is completed. It is crucial to research the developer and the project thoroughly and to seek the advice of a real estate professional before making a decision.
Are you interested in purchasing a Presale property? Get in touch with The Gomes Group:
(778) 999 7325