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

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