Should You Be Buying Pre-Sale?
Common questions surrounding pre-sale properties!
We join Tyra Sauriol from AXIS Real Estate on their latest project, Keystone Developments, to talk about pre-sale properties. Keystone is located in the heart of Willoughby Langley, BC!
Find out the benefits, investment opportunities, challenges, and key tips when dealing with these types of properties.
Why are people investing in the Willoughby, Langley area?
Willoughby is very close to the highway, making it very easy to commute to. There's a lot of growing family potential in this area as well with the additions of new schools and parks.
Where are people moving to this new development from?
We are seeing people coming from Vancouver, New Westminster, Burnaby, and all over the lower mainland moving towards Langley.
What should you look out for when buying a new development?
If you are buying a new development it's important to know your disclosure statement, the outside date of the contract, and what you are buying into. Do your due diligence on the developer and the sales team who's building it for you because they will be your point of contact. It's important to see their past work to get an idea of what you are purchasing.
Who should be looking at a new development?
It's for everyone, as long as you are ok purchasing something off of a plan. Not all new developments have something to show that's already built. A good sales team can walk you through what you can expect when the build is done.
What is the investment potential for a pre-sale?
If you have a good realtor working for you, they can have the leg up on new developments and what's coming in the area. Depending on the location, it could be beneficial to get in at the very start of a pre-sale. If you take that risk you could see upwards of $50,000-$100,000 in one year.
What are the biggest challenges in the pre-sale market?
Manage your expectation when buying a pre-sale because you do have the potential for delays and minor changes.
Is there anything we should know regarding financing?
Sometimes people think that they need to rush and get a rate but what's important is building a good relationship with your mortgage broker. Interest rates can change a lot so put your trust in them and allow them to help you.
What are pre-sale timelines like?
Because you're moving in as soon as the home is built, the walk through doesn't always happen 30 days in advance. With a new development it's typically 7-14 days in advance. If a trade does need to come back, access will be needed to your home. It doesn't change the fact that the work is going to get done and you are covered under warranty.
Visit The Keystone website below!
Want to reach Tyra?
www.linkedin.com/in/tyrasauriol
www.axisrealestate.ca
Have more questions? Get ahold of us!
We're on Instagram!
instagram.com/thrivemortgageco
Check us out on Facebook!
How to Reach US!
📲
Call 604.398.5575 or Email us!
More Questions or READY to get started!?
Just Ask US > Click Here to set up a call or EMAIL us
