TOP 5 PRESALE BUYING TIPS

 

5) Location, location, location

 

Whether your presale is an investment or somewhere you plan to live in, location is always the most important aspect of buying real estate. Close proximity to transit, schools, and shopping are always things to consider; growth of the neighborhood also will have vast implications on the livability of the home and future growth in property values.  Within the development itself, the location of the specific home you choose is just as important, with factors including accessibility and security, noise, and privacy.

 

Educated agents will know the neighborhood and upcoming developments that may enhance the area or impede the view, as well as changes in transportation options. Attention to detail when selecting units from floor plans by having a better understanding of the building as a whole is a must for any purchaser.

 

4) Best bang for your buck

 

Developers build display suites and provide purchasers with different high tech tools to assist in you selecting a unit. The display suite or featured floor plans may seem like the comfortable option to pick because you can see it, but there are lots of other things to consider. Pricing of new developments are based on the developer’s opinion as to what is valuable to the purchaser – things that may be deemed valuable to the developer may not be of value to the buyer.

 

Educated agents will have the experience of evaluating the value of the floor plan from all perspectives. Display suite floor plans generally sell for a premium because they are the most popular option, so an experienced eye can spot undervalued plans that may be overlooked by others.

 

3) Not all floor plans are built alike

 

Understanding floor plans and purchasing a home can be confusing and overwhelming especially in larger developments where there may be dozens of different floor plans. It can be difficult to narrow down which plans are practical for living and what may just look good on paper. There are things that can affect the livability and future resale value of the home – kitchen orientation, layout of the unit, position of windows, and the location of rooms can all affect the functionality, livability and eventually the resale potential.

 

Educated agents will know which plans will work when built and which ones are most desirable. There is no better way to know what works for functionality and what maintains value than having walked through thousands of finished homes with various floor plans.

 

2) Legal contracts are black and white

 

Know your rights and obligations before signing on the dotted line. Many presale contracts contain a number of clauses that protect the developer that the buyer needs to be aware of.  What happens if your 600 square foot unit turns in to a 520 square foot after you purchase?  What happens if what they show you in the showroom is nothing like that you end up with?  What happens if you want to sell or change the name on the contract to a family member before it finishes? These are just a few of the questions whose answers are buried within pages and pages of legal clauses.

 

Educated agents will know the legalities of what you are signing. They will read and understand both the contract and any other supplementary information (such as the disclosure statement) that you sign to ensure you know what the obligations and liabilities are for all parties involved.

 

1) It's not always what you know, but who you know

 

Unless you are related to the developer, chances are there will be people who are able to purchase prior to you. The key is to get in as soon as you can for the best selection of suites with the best options available. Things such as pricing and incentives change over the course of the sales timeline, so getting in first may give you various advantages. In the current market, most buildings are over 60% sold before the public grand opening.

 

Educated agents will have the connections with different developers and marketing companies that can be leveraged to gain early access before the public. Take advantage of these opportunities to gain access to the selection of homes. 

 

Derek Kai and Susan Chow have been selling presale sites for over 20 years, combined both as sales managers on presale sites and as agents for buyers looking to buy. They have sold over 2,500 units spanning hundreds of different floor plans at projects, such as Woodward’s, Maynards Block, Wall Centre False Creek, Mandarin Residences in Richmond, Wall Centre Central Park, Strathcona Village and many more. They have seen the development process from planning, marketing, sales, completion and resale; they have an unparalleled perspective of the entire process that helps you navigate through this. Derek and Susan have built relationships with various developers, allowing access to projects prior to public openings to offer the best selection and price for their clients.

 

Upcoming projects with priority access include: 8X on the Park, Mirabel, The City of Lougheed, and many more to come.

 

Feel free to call or email Derek or Susan for more information, priority access and in-depth tricks of the trade:

 

dkai@rennie.com

604.868.1666

 

schow@rennie.com

604.765.8269