Eric has helped people buy presale and resale condos in the Richmond area for almost 10 years. We have prepared a breakdown of the advantages and disadvantages of buying a presale condo vs a resale condo to help you in this important decision making process. If you have any further questions please give us a call directly and we would be happy to help you make this unique decision.
Advantages of Buying Presale
- You get to move into a brand new home
- You have more selections on the floor level, color schemes, flooring and view exposure
- You will receive the 2-5-10 Year Home Warranty Insurance
- Potential to benefit from gaining appreciation while waiting for the completion
- Generally a deposit of only 20% of the purchase price is needed and you are not required to pay property tax or monthly strata fee during the construction phase
- You have more time to save for your down payment
Disadvantages of Buying Presale
- If you are not good at visualizing floorplans, then you might end up with a home that is not what you imagined
- You will have to wait until the project is finished, and it might take months to years depending on the project
- There is no guarantee of mortgage approval until building nears completion
Advantages of Buying Resale
- You will not need a good imagination to picture the final result, you get what you see
- You get to see the actual view from your suite
- You will know if the bank will approve your mortgage before you purchase
- You can move in right away
Disadvantages of Buying Resale
- You need to come up with the money for the deposit within a short period of time
- You are not buying a brand new home and you may need to spend money on renovations
Helpful Tips to Consider when Moving to a Condo
- Its always better to do renovations before moving in
- Take measurements of each room to avoid surprises on your moving day
- Always start by moving big items first
