1) Selection for Owner/Occupiers, the Pre-construction purchase of a Condo or Townhome allows for in many cases a level of variety of floor plans, views and color and appliance upgrade options not available when looking at the Re Sale market.
2) Simplicity, An Owner Occupier can put a small deposit down on a Pre-Sale and continue living in their Home until the Pre-Sale is ready for occupation. Any issues with the newly completed property should be covered by the 1 Year Developers Warranty.
3) Financial Leverage, Owner Occupiers buying a Pre- Sale in a rising market can also benefit financially. The Buyer may have bought the Pre-Sale at a time when Real Estate prices were lower than when the property completes. This may allow the Buyer who previously was a high ratio borrower become a low ratio borrower thus saving thousands of dollars in Mortgage insurance premiums.
4) Leverage for Non-Canadian Residents,Normally Non-Canadian Residents have to put down a 35% non- payment (please confirm with a Mortgage Broker) when buying an existing property in Vancouver all at the time of purchase. When one buys a Pre-Sale in Vancouver the Deposit usually 25% irrespective of country of residence.
5) Warranty Protection, Owner Occupiers can rest easy knowing they are covered by the BC Government administered 2/5/10 year warranty program.
6) Newness, Many Buyers enjoy being the 1st Owner of a new Condo. Pre-Sales offer Guaranteed newness when purchasing along with all the mechanical, appliances and other systems are at the beginning of their life and should preform as expected and not need repairs or replacement for 15-25 years.
7) Low Ownership costs, Newer properties tend to be more energy efficient than older homes which keeps utility costs low for completed Pre-Sales condos. Further more during the 2/5/10 Warranty period there is a very small chance a Buyer of a completed Pre Sale condo will have to pay high maintenance fees or large assessments to repair the building.