The Real Estate News world is full of interesting comments these days and the one that seems to stand out is Pre-sale. Pre-sales are homes you are able to purchase before the structures are ready for occupancy.
A pre-sale home is a wonderful opportunity for a variety of reasons; such as allowing a buyer real flexibility in terms of giving you some breathing room with a much longer than average timespan to sell your existing home or procure the best possible financing, often being able to choose your preferences in design and style while the home is being built, and providing an investment in potential capital appreciation, to name just a few. These advantages can make home ownership a smoother, less stressful and more attainable process for both the first-time homebuyer and for those already in the market. With a pre-sale community, you may have access to communal amenities, such as green space, clubhouse, gym or retail stores.
There is usually a delay from when you purchase your pre-sale home and when you are able to move in, sometimes as long as a few years – that delay may be a factor for you when deciding whether to buy a pre-sale or an existing home. It’s also worth noting that, as with any new property, HST/GST and PTT is payable when the pre-sale project is completed. In a strong housing market, you may find that the pre-sale home you purchased is actually worth more when you move in than when you signed the pre-sale contract! On the other hand, if the market should soften, there is a risk of the opposite scenario occurring, which could have a negative impact. Get the information you need to see if a pre-sale home is in your future!