Purchasing a new home via the builder can be a great experience. Approximately one third of all homes sold in Canada each year are new constructions.
Exploring the presale development market is always worthwhile especially when comparing to existing homes in established neighbourhoods. Remember that it is important to keep in mind certain aspects of the home for sale before diving into the deep end.
1. Compare against multiple presales
2. Hedge the known risks
If the real estate prices in Vancouver were to decline and the value of the presale home at the time it completes is below what was originally paid, the Buyer is still obligated to complete. In other words, the buyer may not rescind from the completion without involvement of the real estate legal system
3. Acknowledge the foreseen advantages