Post
4 Key Factors When Buying A Pre-Sale Home
September 22, 2017
Vancouver is currently experiencing a 10-year low in re-sale inventory which is creating strong demand for all pre-sale product types. Fortunately, in Greater Vancouver we are expecting to see additional 9,000-plus new units over the rest of the year. This influx will provide a wider selection of homes as well as more options from design to amenities for home seekers. While there are general factors that influence which home a buyer chooses, such as financial situation, needs vs wants, and market changes, here are a few other key decisions to consider when purchasing a pre-sale home.
LOCATION
We've all heard the adage "Location, location, location" and it continues to be the top deciding factor for your lifestyle as well as in-building and neighbourhood amenities. It’s best to walk and drive around the community to see what shops and services you would likely use and if they are conveniently located, like markets, cafes, restaurants, schools, and parks. The location of a new development will also determine the price and design. Developers design and build homes with targeted groups of purchasers in mind and will cater the floorplan, finishes, and appliance packages to those lifestyle requirements.
PRICE
During your home search, it is advisable to compare the prices of the various home units that appeal to you and if you are working with a realtor, they can advise you on the pros and cons of each community and how it fits into your lifestyle. Also, think about the development and what the complex and neighbourhood has to offer. It is often not about the lowest price but rather the greatest value in terms of what is important to you and the way you live. Additionally, it is important to take the time to understand what you can afford by speaking with a financial advisor or mortgage broker to get yourself pre-approved. By arranging your finances in advance of writing your purchase contract, you will protect yourself from over-extending yourself or increasing rates, ultimately providing peace of mind. Ask the development’s sales representatives about the pre-sale deposit installment structure along with your upfront home costs such as parking, storage unit, and estimated strata fees. We strongly recommend reviewing the Disclosure Statement carefully for your building’s details.
FLOORPLAN DESIGN
Good floorplan design is essential to the livability and enjoyment of your home. It ensures your furniture will fit, that you have enough storage, that your home functions the way you need it to and ideally with no wasted space. At MLA Canada, we spend hours with our developers and their project teams designing efficient floorplans that incorporate open-concept kitchens and dining areas, built-in storage solutions, and extending your home to outdoor spaces with balconies, patios and rooftop terraces. There is a strong focus on smart spaces, specifically for homes with multiple bedrooms. These bedrooms are often separated, typically with the living area in between them, to allow for privacy. Buying pre-sale will sometimes allow for some customization of your home and owners relish in the fact that they can choose their colour scheme or finishes.
PROXIMITY TO TRANSIT
Explore your transportation options for getting around town. Will you drive, walk, bike or have access to a car share program? Look at your regular routine such as your daily commute and distance from work and social activities, and ask yourself if the time spent in-transit is worthwhile for you to live in one of your favourite neighbourhoods. For example, Monogram’s modern townhomes are geared towards home seekers who appreciate being near the hub of Commercial Drive with restaurants, trendy cafes and plenty of shops nearby, and options for transportation just a few steps away.
