I’ll go into great depth about how to purchase a residential presale condo in Vancouver, British Columbia. Uncertain about what a Presale is? Visit this page for a fantastic explanation of presale condos.
Purchasing a presale condo might be the ideal option for many purchasers, whether they are looking for a brand new, “move-in-ready” home, bespoke finishes, a guarantee, or a shorter schedule. We’ve observed a surge in the number of first-time home buyers who have chosen to buy a presale property in today’s competitive market due to its many advantages.
Alec Abbott from the West Haven Group will outline the procedures of purchase a presale condo in Vancouver if you’re considering your options and are interested in the presale market.
Step 1: Getting a mortgage approval
It’s crucial to comprehend your financial situation when you begin the process of buying a presale home. We advise scheduling an appointment with a mortgage advisor to go over your alternatives.
It can be helpful to prepare ahead and will save you a lot of time and frustration to have this pre-approval number early on. If your money, for now, is insufficient, you can make plans for when the project is finished in a few years.
Make sure your income either increases or stays the same. Avoiding making any additional significant purchases prior to completion is something to think about.
Step two : Visit a presentation center in
You can tour the display unit, view building models, pick up marketing materials, and get a closer look at the various features and finishes at the presentation center.
Dealing closely with the realtor you are working with during this period can help you comprehend the available floor plans and develop a negotiation strategy. Remember that not all presale units are the same and that they are available on a first-come, first-served basis.
Step 4: Send a down payment
To keep your property while you conduct your due diligence, you must provide a small deposit, usually between 5% and 10%, after your offer has been accepted. After it is submitted, you have seven days to review the supporting documents before making it official. These payments go toward your total down payment at closing, even though the deposit structure differs depending on the developer.
Step 5: Select your group.
Work with a real estate attorney or notary to assist you with the closing details as you get closer to the completion and possession date. The transfer of payments from you to the developer will be organized by your lawyer or notary, who will also make sure that all legal matters have been properly addressed.
This procedure is typically completed 7 to 10 days prior to your completion date.