What to expect when buying a presale | 5 steps

You may be, have been wondering what's the process of purchasing a presale? Well, you're not that off because in this video we're going to be discussing five steps involved in purchasing presale.

My name is Axel. Ziba, pre-sales specialist in Vancouver. Number one is to discuss your wish-list, your location, and the desired budget.

So based on those information, your specialist has found you a perfect project and a development that you like.

So step two is for you to book and schedule an appointment to attend to those Sale Centers and discuss further information, select from best plans available and make an offer.

Step three and step four can switch places sometimes. Well, let's talk about the first option.

Step three is “Deposit”. some developers. They require deposit at the time of writing the offer or at the time of acceptance.

And some developers, they may require that after seven days, which we get to step number four, your seven days to do your due diligence.

And that's called “rescind period” or “recession period”.

congratulations.

The “7 Days” past and you've done your due diligence and every review and every disclosure has checked out and you've excitedly went ahead with the purchase.

Number five, is following the deposit instruction of step No. 3, if there is any remaining deposit is remaining. And closer to the Completion date, you do a walkthrough with developer's representative to look for issues that they need to be fixed.

Although you have the 2, 5, 10 warranty, this walkthrough is very important. It can be done with your hired inspector.

Of course, the next step after that is getting the key and celebrate and pop the campaigns. If you find this information useful, hit the LIKE and to SUBSCRIBE to my videos.

Make comments, let me know what you need to know. I'll be happy to assist.

4 Cons of Buying Presale to Watch for

1- GST (5%) on all brand new homes

2- Valuation at the time of completion, if the market is down and the home values are down compared to the time you signed the contract to buy the presale, the risk and cons is that you need to cover the amount between the accepted contract price and what the financial institution or your lender's appraisal.

3- Finish Product. rendering and what you saw may be different that what you receive. It is good to review every amendment to the disclosure during the progress of project and also be aware of builder's reputation.

4- Time of completion. The completion date is an estimate and most of the times it gets amended to be delayed. It is important to have a plan and not count on the projected completion date.

7 Benefits of Presale in Vancouver

Struggling between resell or presale?

Well, that's what this video is all about. And we're going to discover seven, seven benefits of presale stay tuned. My name is Axel Ziba. I'm with Maxit Realty presale specialists in Vancouver.

So let's talk about pre-sell values and benefits.

1- Number one, presale gives you an ample time to save up for the deposit and it gives you enough time to save for that required down payment for your lender.

2- Number two, it gives you longer time to anticipate a move, and it gives you a preparation to plan that. Move ahead. That's a great advantage.

3- Number three, you're anticipating to only risk or benefit a partial of your money, which is 20 to 25% instead of putting the hundred percent of your money as for at resale homes.

4- Number four, despite of the fact that some people believe that pre-sales, they have a futuristic prices, maybe 20% higher than the current pricing. If you're purchasing at platinum stage, and if you're using your VIP realtor to get you that platinum pricing with your choices, then you also get some bonuses from, from the developer.

5- Number five, you have seven days to rescind the contract, meaning that within that seven days, you have seven days to do your due diligence in terms of reviewing everything and everything in regards to the disclosure, the amendment to disclosure, the second amendment to disclosure. And so on understanding the fact, do a drive by the projects or anticipated location of the project, making sure you understand, talk to your realtor about that location, particularly and the history of the growth I'm going to stop right there. That's a lot of benefits. Seven days, you can change your mind.

6- Number six, you get 2, 5, 10 warranty term for the upcoming projects. Two year on material and labor five years for the envelope of the building and ten year for structure of the building.

7- And number seven, the “funnest” part is to choose the theme of coloration, the hardwood floor, color, the cabinet color, what color you want or what material you want your counter to be. That's the fun fact. That was seven benefits for purchasing a pre-selling Vancouver. If you liked this content hit the light button right there and subscribe for more information as next video, we're going to be talking about the cons of purchasing at presale. Did I say cons? Is that an issue? Stay tuned. You'll find out.