Guide to Buying a Pre-Sale Home in Vancouver

July 13, 2018

Whether you’re looking for an investment property or a place to call home, one of the options to consider are pre-sale homes in Vancouver. 

There are many benefits to buying Vancouver presale homes. In our competitive market, home buyers are often finding themselves in a bidding war, only to be disappointed when they’ve lost out to another offer. 

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Buying a presale gives you the peace of mind of purchasing at a set price. Compared to an existing property, purchasing a home before it’s built gives you a variety of options to consider. From floorplans to appliance upgrades to outdoor space, the ability to pick and choose is completely unique to these types of properties.

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If you’re considering buying a pre-sale home in Vancouver, here are a few tips to get started:

1. Research

Much like buying an existing property, the same rules still apply. What neighbourhood do you want to live in? Does it need to be close to transit? How many bedrooms do you want?

These are all important factors to consider, as the proximity and square footage will determine how long (and how happy) you are. 

If you’re looking to purchase for an investment property, you’ll need to consider what kind of tenant you’ll be targeting. For students, ample transit to their post-secondary school could be a selling factor. For young families, a two-bedroom home would be ideal. Make a list of what your ‘must haves’ and ‘deal breakers’ are before you start your search. 

2. Time

When it comes to buying a pre-sale, you don’t want to be rushed for time or on a deadline. Make sure you ask when the projected completion date will be, and check-in throughout the duration for progress updates. That way you’re not stuck on a long lease, or paying two mortgages when your new home is ready to move in.

3. Financing

One of the benefits of a pre-construction is that you can pay a deposit in the beginning, followed by the balance when you move in. That way you have time to save for extra costs while it’s being built.

However, you’ll want to consider all of the fees, including closing costs, before you start signing the dotted line. It’s also important to work with a qualified mortgage advisor, and be pre-approved for your mortgage. This way you know what budget you’re working with before you start looking.

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