Invest in an up and coming area with a pre-sale home
Pre-sale homes offer new homeowners and investors a great opportunity to enter the real estate market in revitalized, up-and-coming neighbourhoods.
You may be wondering, 'what is a pre-sale home?'
Pre-sale homes are homes available to purchase before they are move-in ready. Buyers purchase a pre-sale home before construction even starts or during the construction phase.
With Victoria experiencing massive economic and population growth, housing rates are skyrocketing. New developments and pre-sale homes are a way for homeowners to buy into growing Greater Victoria neighbourhoods like Royal Bay and Bear Mountain.
Pros and cons of pre-sale homes
Pre-sale homes offer opportunities for buyers to pay less than the current market rate for a home. In addition, the purchase price for pre-sale homes is fixed and there is no bidding war, which eliminates a large source of stress associated with the house-buying process.
Pre-sale homes also carry the potential for you to work closely with a developer to customize aspects of the development so you can inject personal touches into your future home.
However, investing in a new development requires patience and trust.
Pre-sale homes take roughly 1-3 years until they are move-in ready. So while this means you are waiting for your dream investment, it also means there is no urgent rush for you to sell your home or uproot your life.
Since pre-sale homes are not yet constructed, they are sold based on floorplans, mockups, and showrooms. In other words, you may have to trust your developer's vision and use a dash of imagination to visualize your future home.
With Chantelle, you'll receive expert advice about pre-sale homes, from the pros and cons to whether they're the right choice for you.