Presale vs Resale

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

Your Name (required)

Your Email (required)

Your Phone (required)

Mortgage Calculator
Property Contact Form


Richmond Condos Homes

Get your friend inspired with this great Richmond Property!

Sign up for FREE now for these great benefits:

Richmond Condos Homes


Richmond Condos Homes

Thanks for visiting my website!

Do you have any questions?
Would you like a personalized assistance?

Richmond Condos for Sale > Navigate

Richmond Condos for Sale