Presale property is attracting more attention then before.
The market of presale properties has interest from several types of buyers. From first time home owners, down sizers to investors.
What are a presale properties?
A developer will sell units in a building before it is completed. The buyer will be asked to put down a deposit of 5% to 10%, depending upon the developer. Presale units can take anywhere from 1 year to 5 years or more to complete.
Why presale?
There are multiple reasons presale properties can work for a person wanting to purchase a unit.
Financial Considerations
Flexibility – For the first time home owner, it gives time to get the down payment together. Down sizers have the opportunity to get their current home ready for sale.
Investing – buying at todays prices knowing the investment will increase in value.
Easy of Mind
Less hassle – new buildings have less problems than older buildings. You are less likely to deal with an out of service elevator!
If you have decided not to move into your home you have options. You can sell your home or rent it. New properties are always in demand regardless of whether you are selling or renting.
Contact Geoff when you have any presale questions!
Subject removal in a hot market has more importance. Some offers are even being given with no subjects at all!
Why would you need subjects.
Subjects are conditions that need to be met before the sale of a home. These conditions are to make you feel secure in purchasing the home. For example, you have not yet secured financing and you need a few days to get it. The subject would say something like: subject to receiving financing.
What subjects are.
A few common examples.
Subject to receiving and approving:
inspection report
approving all strata documents (if strata unit)
approving a title search
Sellers that have received multiple offers will prefer to accept the offer with no subjects.
Subject Removal
Signing for your new home!
Subject removal must happen quickly, in this market. A seller will likely not accept an offer with a subject of, sale of home. Even if it is a shorter term of a month. Especially if the seller is receiving offers with no subjects.
A very short term of 2 days for removal could work. Remember that inspection and property management companies are not generally open on weekends. Time is not on your side!
You could still purchase the home if all the subjects are not removed. Depended on how the subject removal was written, you could lose money. That is why you need a Realtor with experience and awareness of the current market.
