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Vancouver Presale Condo : the Checklist

Blog by Gaëtan Kill | February 11th, 2014

24flpb6.jpgVancouver Presale Condo; It can be more than a little exciting to buy a new home or a Vancouver presale condo, but it is very important that before jumping into any purchase, you gather all the facts you can possible gather and ensure you have the best information. While the process may be exciting, there is a lot of information to absorb and sort through. To make sure that you are making the best possible purchase, follow this quick and simple checklist.

  • Hire a Vancouver Presale Realtor; Instead of going to a presale showroom alone, make sure to hire the best possible realtor. He should know your area inside and out, and have personal connections with other realtors, who can help you find the right place at the right price. A Realtor will help you by asking questions that really matters. The commission is covered by the developper, so the services provided during the presale purchase are at no charge.
  • Check out the floor plans; If you are purchasing a Vancouver presale condo or a house in a pre-built sub-division, ask for a copy of the floor plans before you start any tours. By taking a look at the plans before you get to the condo, you can rule out what you don’t want and maybe even rule in what you do want, things you may not have thought of before. Make sure that all of these plans include their prices and fees, so you can make an informed decision about what is and what is not in your budget.
  • Ask about the monthly strata fees; Though the realtor or property manager may give you an idea about what the monthly fees may be like, it is important to ask about specifics. What is covered by those fees? and more importantly, what is not covered by the fees. Some Vancouver presale condos may include garbage removal, landscaping, gas, hot water and even insurance in their fees, while others may not. Instead of simply assuming, be sure to ask so you have all the facts.
  • Ask about parking and storage; Some Vancouver presale condos do have storage areas, often in the basement of the building or in an offsite location. While use of these storage facilities may come with an additional fee, it is likely that this feel will be less than renting a storage unit. Also, be sure to inquire after the parking amenities, so you can decide whether or not your care will fit in the stall.
  • Ask about ceiling heights; Even if you have already thoroughly reviewed the building plans, you may not have a good idea about how high the ceilings and windows are. While touring the Vancouver presale showroom, be sure to ask if some units have higher ceilings than others.
  • Ask about upgrades; Especially when purchasing a presale condo, it is possible that you will come across the ability to purchase upgrades, which may range from more square footage in certain rooms, to more advanced carpentry when it comes to baseboards and cabinets. Some properties give you the option to choose your own flooring, countertops, etc... for an additional fee.
  • Understand your bylaws; Make sure that you have all of the information possible about the laws governing rentals and pets in your new condo.
  • Ask about bank rates; Always ask your realtor and lender if there are special rates available for people purchasing a Vancouver presale condo. Often, there will be discounted financing options for these situations.
  • Be sure you have detailed information about down payments and payment schedules; Before signing any contract, make sure you have a firm idea of just how much you will be paying each month and how much you are expect to put down when you do sign the contract.

If you have asked all of your questions and been satisfied with your answers, the last and final point of the checklist is your final decision. Is the place for you? Is it the right condo for your needs? If yes, take the plunge!