The Pre-Sale market moves fast. The result: many buyers do not end up with their top priority home. This is an avoidable problem with some planning and guidance.
You've already taken a huge step if you have decided to purchase a Pre-Sale. This great way of buying a home allows you to spread out your down payment and plan ahead for your future without the responsibility of an immediate mortgage and other monthly expenses.
How to Ensure you Get the Home you Want
Before diving into the Pre-Sale market, I would advise aligning yourself with an agent who keeps their finger on the pulse of new developments (such as Adil Khimani). An agent can assist you through the process of deciding the location, the builder, and style of home that meets your needs. As well, most agents are able to provide benefits as a result of pre-existing connections with developers. Advantages can include: early access to purchasing opportunities, buyer incentives, and professional guidance throughout.
Once you've selected a Pre-Sale development, the fun begins. With your price point and purpose (investment or for living) in mind, choosing a floor plan is the next major step. Most buildings offer between 8 - 12 different home layouts, and picking one is only half the challenge. To ensure you actually end up with one that you like, here are three tips:
Know exactly which floor plan is your top priority, and have a backup just in case.
- Be sure of which floor level you wish to live on, or a range to offer the developer some flexibility (i.e. floors 10 - 15, facing South).
- On the sales date, be there early and don't delay!
The third tip is where most people get caught and end up missing out on their dream property. The first date of sales with a new development is quite often a frenzy. Buyers are lined up and clamouring to get in the door to put a pen to paper and secure their selection. The most prepared buyers are typically the ones who walk away the happiest. When you go in with your real estate agent (don't forget your agent!), if you are able to head straight to the contract writing table with your selection already made, you will avoid disappointment. Most people only end up reviewing their choice beforehand, and this simple delay is often enough to have their preferred choice slip through their fingers. Agents like myself have the experience with Pre-Sales to guide you through these tips leading up to and on the day of purchase.
Finally, and most importantly, don't forget your cheque book! Unless pre-arranged, a developer requires a deposit to hold the home you want. This deposit also serves as a portion of your initial down payment.
If you have any questions or comments regarding Pre-Sales or wish to discuss other real estate opportunities, feel free to email me at email@example.com.
All the best,