Pros and Cons of Presale Condos

When it comes to buying a condo in Metro Vancouver, potential buyers have the choice between buying a presale or a resale condo. Both options have their own unique set of pros and cons.

One of the main advantages of buying a presale condo is that buyers have the opportunity to purchase the property without paying mortgage interests during its construction during the high interest rate environment. This can be particularly advantageous for buyers looking for the upside of the property’s appreication without having to get a mortgage for up to 5 years. Additionally, buyers of presale condos have the opportunity to personalize their unit with upgrades and finishes before construction is complete.

On the other hand, buying a resale condo has its own set of advantages. One of the main advantages is that buyers have the opportunity to see the property in person before making a purchase. This can help buyers to get a better sense of the layout, finishes, and overall condition of the property. Additionally, buyers of resale condos can move in immediately, whereas buyers of presale condos may have to wait for construction to be completed. For those for are purchasing a principal residence and are currently renting. It would be wise to purchase a resale property to start building equity in your property instead of paying the high rental in the dizzying Vancouver rental market.

However, there are also some disadvantages to buying a presale condo. One is that buyers may have to wait several months or even years for the construction to be completed. Additionally, there is always a risk that the project may be delayed or even cancelled (for smaller and less reputable developers).

In summary, both presale and resale condos in Vancouver have their own unique set of pros and cons. While presale condos offer the opportunity to purchase without the need to pay mortgage or entirety of the down payment right away, resale condos offer the opportunity to see the property in person before making a purchase. Ultimately, the choice between the two will depend on the specific needs and preferences of the buyer.