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Presale and pre-construction condos seduce consumers with the promise of highly designed, sleek spaces but savvy home buyers need to assess the risks before they commit.

“Pre-sale is one of the most speculative real-estate investments you could make because you’re basically buying a floor-plan on a screen or piece of paper – you and your agent need to do your research,” says Christopher Bibby, sales representative, RE/MAX Hallmark Bibby Group Realty, who recently leveraged his 15 years of condo market experience to buy two pre-sale condos that his own kids will use when they reach university age in a decade.

When it comes to presale condos, home buyers have to do their homework. This includes hiring and paying attention to a reputable agent, lawyer, accountant and mortgage broker or lender with pre-sale condo experience to protect their interests.   

New development condos are attractive home-ownership options for many reasons - but it’s important to consider the other side of the coin. Here are the possible risks and things to watch out for when looking at buying a pre-sale home:

 

Shifting Property Values

 

Construction Concerns

 

Know your Presale Condo Numbers

 

The fact that pre-sale condos don’t actually exist yet and real estate markets, particularly in certain regions, are highly unpredictable, must be considered and accepted. As a result, more conservative, risk-averse people in the home buying market might be comfortable with a resale - not a presale - condo.

Presale and pre-construction condos seduce consumers with the promise of highly designed, sleek spaces but savvy home buyers need to assess the risks before they commit.

“Pre-sale is one of the most speculative real-estate investments you could make because you’re basically buying a floor-plan on a screen or piece of paper – you and your agent need to do your research,” says Christopher Bibby, sales representative, RE/MAX Hallmark Bibby Group Realty, who recently leveraged his 15 years of condo market experience to buy two pre-sale condos that his own kids will use when they reach university age in a decade.

When it comes to presale condos, home buyers have to do their homework. This includes hiring and paying attention to a reputable agent, lawyer, accountant and mortgage broker or lender with pre-sale condo experience to protect their interests.   

New development condos are attractive home-ownership options for many reasons - but it’s important to consider the other side of the coin. Here are the possible risks and things to watch out for when looking at buying a pre-sale home:

 

Shifting Property Values

 

Construction Concerns

 

Know your Presale Condo Numbers

 

The fact that pre-sale condos don’t actually exist yet and real estate markets, particularly in certain regions, are highly unpredictable, must be considered and accepted. As a result, more conservative, risk-averse people in the home buying market might be comfortable with a resale - not a presale - condo.

 

By Kara Kuryllowicz Jul 16, 2019 from REW. ca

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