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As there is often a limited supply of homes for sale at any given time, the pre-construction or pre-sale market of condos and townhouses has become an increasingly popular option for home buyers and investors alike. First-time buyers especially like the ability to make the down-payment in phased increments over a period of a year or two. This allows these buyers time to save-up their down payment funds. Pre-sale buyers understand they are putting down a deposit on a housing project that won't be complete and ready to move into for a few years. As such, a pre-sale condo or townhouse can be a great option for those with a several year timeline. A bonus is that, historically, many buyers of pre-sales have seen the value of their unit increase in value while they waited for completion of construction.
When buying a pre-construction home in Metro Vancouver and the Fraser Valley, there are several important considerations to keep in mind due to the unique aspects of purchasing a property that is not yet built. Here are some key factors to consider:
Developer Reputation: Research the reputation and track record of the developer. Look into their previous projects to assess their quality of construction, adherence to timelines, and overall customer satisfaction. Check if they are registered with local industry organizations.
Location and Neighborhood: Evaluate the location of the pre-construction project. Consider factors such as proximity to amenities, schools, transportation options, and employment centers. Research the neighborhood's growth potential and any planned developments in the area.
Floor Plans and Layout: Carefully review the available floor plans and consider if they meet your needs and preferences. Pay attention to the layout, room sizes, storage spaces, and overall functionality of the design. Visualize how the space will work for you and your family.
Price and Affordability: Consider the price of the pre-construction home, including the deposit structure, payment schedule, GST and potential additional costs such as upgrades, parking, or storage lockers. Assess your budget and ensure the home is affordable and aligns with your financial goals.
Completion Timeline: Understand the estimated completion timeline provided by the developer. Delays in construction are not uncommon, so be prepared for potential schedule changes. Evaluate your current living situation and make arrangements accordingly.
Warranty and Guarantees: Inquire about the warranty provided by the developer. Understand the coverage and duration of warranties for structural elements, appliances, and finishes. Verify if the developer is a member of a warranty program under the Homeowner Protection Act.
Building Amenities and Features: Explore the amenities and features offered in the pre-construction project. Consider factors such as parking, storage, fitness facilities, common areas, outdoor spaces, and security measures. Assess if they align with your lifestyle and add value to the property.
Strata Fees and Rules: If the pre-construction home is part of a strata or condominium, review the strata fees and rules. Understand the services covered by the fees, restrictions on property usage, pet policies, and any other regulations that may impact your lifestyle.
Research Local Regulations: Familiarize yourself with local regulations and bylaws that may affect the property or future development in the area. These could include zoning regulations, building height restrictions, or environmental considerations.
Consult with Professionals: Consider seeking advice from professionals such as accountants, real estate lawyers, and home inspectors. They can provide guidance and ensure you understand all the legal and technical aspects of the pre-construction purchase process.
Remember to carefully review all documentation, contracts, and disclosures related to the pre-construction purchase. Engage in thorough due diligence to make an informed decision and protect your interests. If you are interested in buying a pre-sale condo or townhouse, then please consider engaging me as a buyer's agent to help you navigate the process. Best of all, there is NO COST to you as I earn my fee from the developer's commission offering.
*Lastly, the Canadian Home Builders Association has a terrific webpage full of information on buying a new home. It's worth checking out to learn more.