RSS

Sun Towers Condo Presale

 

Presale condos are commonplace in the Vancouver housing market.  As the city attempts to bolster housing inventory in order to combat rising prices, they are greenlighting multi-unit condo developments at unprecedented rates.  With the increase in condos available, it should be no surprise that presale condos are increasingly available as well.  If you’re interested in purchasing a presale condo, these tips for buying presale could save you significantly.

 

Know your Risk

 

Sizeable investments such as real estate investments always carry some risk, and presale condos represent unique risks that you may or may not understand.  Knowing the downside of buying these properties can help you avoid certain pitfalls that can cost you a lot of money.  First time home buyers should especially take note as presale condos are not typical when compared to completed properties currently on the market.  In fact, presale condos represent a contract wherein the purchaser agrees to pay for a condo at an agreed upon future date.  Future market conditions or financial resources are not relevant, so it’s important to know the risks.

 

First, presale condos are subject to taxes including GST and HST.  As is the case with all new property purchases in British Columbia, you’ll be required to pay these taxes when the presale contract is completed.  In addition, property transfer tax will need to be paid, so you’ll need to include these taxes in the final sale price of your condo.  Most buyers are not surprised to learn they’ll owe taxes, but the fact that these taxes are essentially deferred until the sale completes means they can sometimes be overlooked.

 

Of greater cause for concern is that your presale condo contract does not reflect market changes.  So, if the housing market falls, you’re still required to pay the agreed upon price for the condo.  This means that the market value of the condo when you finally take ownership may be less than you agreed to pay and you cannot terminate the contract.  That’s right, you cannot back out of a presale condo contract.

 

Negotiating Mortgages

 

Another factor to consider when purchasing presale condos is that mortgages are not always guaranteed.  Many buyers can have a mortgage approved for a presale condo, but it can be tricky.  You’ll need to be clear with your lender of your intention to buy a presale condo to ensure your mortgage will be approved.

 

The Great Unknown

 

Finally, since your presale condo is not a physical property you can tour before you purchase it, you need to be very careful to negotiate all expectations in your contract.  If you’re expecting granite countertops and a whirlpool tub, make sure that’s in your contract.  It’s even advisable to have a lawyer review your contract before you sign because developers rely on the fine print to protect themselves in case they can’t deliver on all their sales promises.

Read
Categories:   Abbotsford West, Abbotsford Real Estate | Bear Creek Green Timbers, Surrey Real Estate | ben | Ben D'Ovidio | Brentwood Park, Burnaby North Real Estate | Burnaby Hospital, Burnaby South Real Estate | Burnaby Presale | burnaby realtor | Buying A Home | buying first property | Cambie, Vancouver West Real Estate | Canyon Heights NV, North Vancouver Real Estate | Canyon Springs, Coquitlam Real Estate | Capitol Hill BN, Burnaby North Real Estate | Cariboo, Burnaby North Real Estate | Central BN, Burnaby North Real Estate | Central Coquitlam, Coquitlam Real Estate | Central Lonsdale, North Vancouver Real Estate | Central Park BS, Burnaby South Real Estate | Central Pt Coquitlam, Port Coquitlam Real Estate | Chilliwack E Young-Yale, Chilliwack Real Estate | Chilliwack N Yale-Well, Chilliwack Real Estate | Chilliwack Proper East, Chilliwack Real Estate | Chilliwack Proper West, Chilliwack Real Estate | Citadel PQ, Port Coquitlam Real Estate | Clayton, Cloverdale Real Estate | Cliff Drive, Tsawwassen Real Estate | Collingwood VE, Vancouver East Real Estate | Condo Presale | Coquitlam East, Coquitlam Real Estate | Coquitlam West, Coquitlam Real Estate | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West Real Estate | East Newton, Surrey Real Estate | Edmonds BE, Burnaby East Real Estate | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | finanacing,mortgage | first time buyers | Fleetwood Tynehead, Surrey Real Estate | Fraser VE, Vancouver East Real Estate | Fraserview NW, New Westminster Real Estate | GlenBrooke North, New Westminster Real Estate | Glenwood PQ, Port Coquitlam Real Estate | Government Road, Burnaby North Real Estate | Grandview Woodland, Vancouver East Real Estate | Harbour Chines, Coquitlam Real Estate | Highgate, Burnaby South Real Estate | King George Corridor, South Surrey White Rock Real Estate | Kitsilano, Vancouver West Real Estate | Langley City, Langley Real Estate | Lions Bay, West Vancouver Real Estate | Lynn Valley, North Vancouver Real Estate | Lynnmour, North Vancouver Real Estate | MacKenzie Heights, Vancouver West Real Estate | Metrotown, Burnaby South Real Estate | Mission BC, Mission Real Estate | Montecito, Burnaby North Real Estate | Monthly Statistical Reports | mortgage | mortgage pre-approval | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW, Vancouver West Real Estate | Nordel, N. Delta Real Estate | North Coquitlam, Coquitlam Real Estate | Oaklands, Burnaby South Real Estate | Parkcrest, Burnaby North Real Estate | Pemberton NV, North Vancouver Real Estate | Quay, New Westminster Real Estate | Queen Mary Park Surrey, Surrey Real Estate | Queensborough, New Westminster Real Estate | Real Estate in Vancouver | Real Estate Statistics | Renfrew Heights, Vancouver East Real Estate | Renfrew VE, Vancouver East Real Estate | reports | Riverwood, Port Coquitlam Real Estate | Royal Heights, North Surrey Real Estate | Sapperton, New Westminster Real Estate | Scottsdale, N. Delta Real Estate | selling a condo | Simon Fraser Hills, Burnaby North Real Estate | Simon Fraser Univer., Burnaby North Real Estate | South Meadows, Pitt Meadows Real Estate | South Slope, Burnaby South Real Estate | South Vancouver, Vancouver East Real Estate | Sperling-Duthie, Burnaby North Real Estate | Strathcona, Vancouver East Real Estate | Sun Towers Condo Presale | Sunshine Hills Woods, N. Delta Real Estate | University VW, Vancouver West Real Estate | Uptown NW, New Westminster Real Estate | vancouver | Vancouver Heights, Burnaby North Real Estate | Vancouver Real Estate, Statistics, Real Estate Reports | vancouver realtor | Victoria VE, Vancouver East Real Estate | Walnut Grove, Langley Real Estate | West Central, Maple Ridge Real Estate | Westridge BN, Burnaby North Real Estate | Whalley, North Surrey Real Estate | Willingdon Heights, Burnaby North Real Estate | Willoughby Heights, Langley Real Estate | Yaletown, Vancouver West Real Estate
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.