August 9, 2016 Presale Real Estate 101

In Metro Vancouver, buying presale is an excellent option for those in the market for a home. Presale allows you to purchase a home prior to it being move-in ready, frequently before construction has begun. Typically, presale offers you the ability to choose a home with a layout style and number of bedrooms to suites your needs, in a colour scheme that suites your tastes.

There is much to love about purchasing a brand new home through presale, however there are some things to consider before you choose to go this route:

• Developers usually require a 20% down payment over the course of the construction period. This payment schedule is usually spread out over a period to 1–2 years, allowing you additional time to save for your deposit. Your mortgage payments don’t begin until your home is move-in ready.
• Often you will be buying your home before construction starts, so be prepared to stay in your current home anywhere from 1-–3 years while you wait for your brand new home to be ready.

Buying presale is not as simple as walking into a presentation centre and selecting the home you want. There are some presale best practices to follow:

• Stay informed on what new developments are coming to market in your desired neighbourhoods. You’re already on the right track reading this magazine! You can also stay up-to-date by frequently checking presale websites such as ours at mlacanada.com/projects.
• Furthermore, ALWAYS fill in the website registration forms for any new home communities that interest you. As a registrant, you will be the first to receive information as it becomes available. And, typically, you will be notified when sales begin prior to sales opening to the general public.
• Once you are registered, a sales associate will contact you. Provide them with as much information as possible as this helps them find you the right home for your circumstances.
• When selecting a realtor, find out whether they have experience working in presale, as well as if they have existing relationships with developers or project marketing companies such as MLA Canada.

Especially in a hot market such as Metro Vancouver’s finding a home that fits your needs as well as your budget is hard work. However, finding success in presale is possible when you follow these tips.