Intro to Presales
If you’re thinking about entering the market, consider purchasing a presale home. Not only does purchasing a presale home give you an opportunity to own a brand new property, but there are plenty of other perks that come along with it.
What is presale?
Simply put, a presale is a home that’s available for purchase before it’s built. In presales, buyers will purchase contracts for homes from developers, who then build them. Presales typically occur prior to or during construction.
There are many benefits to purchasing presale, with the opportunity to own a brand new home being one of them. Since presale homes are not yet built, developers often give buyers the opportunity to choose colour schemes, layouts, and finishing materials.
Another benefit to purchasing presale is that you’re only required to have your down payment available. This gives you more time and flexibility to secure financing and can be an excellent incentive for buyers who may not qualify for a mortgage just yet. It’s also great for buyers who want more time to save in return for a lower mortgage amount.
Presale purchases also offer tax savings, making buyers eligible for incentives like the GST/HST new housing rebate. You may also be exempt from property transfer tax if the home is less than $750,000.
Are there risks to purchasing a presale home?
Due to their highly speculative nature, there are some risks to consider when it comes to purchasing a presale home. For example, there may be a chance that the property depreciates before completion.
Ultimately, ensuring that you are purchasing from a reputable developer is important when it comes to presale and can help mitigate these risks.
Presale in Vancouver
Still under construction, ELLA is one of East Vancouver’s newest condominium communities and sales have been wildly successful. Currently at 50% completion, ELLA is already sold out. With more development taking place in East Vancouver, we can only expect to see more exciting presale opportunities arise.
Curious about purchasing presale in East Vancouver? Let’s chat! Get in touch.