For Home Buyers: When Buying a Presale Condo.

When buying a presale condo, there are several essential points to consider:

  1. Developer Reputation: Research the reputation and track record of the developer. Choose a reputable and experienced developer with a history of successful projects.
  2. Location: Location is crucial in real estate. Evaluate the neighbourhood, proximity to amenities, schools, transportation, and potential for future development.
  3. Floor Plans and Layouts: Review the floor plans and layouts to ensure they meet your needs and preferences. Consider factors like size, number of rooms, and overall design.
  4. Amenities: Check the amenities the building offers, such as a gym, pool, rooftop terrace, or concierge services. Assess if they align with your lifestyle and add value to your investment.
  5. Deposit Structure: Understand the deposit structure and payment schedule. Presale condos often require staggered payments, so be prepared for this financial commitment.
  6. Completion Date: Know the estimated completion date of the project. Delays can occur in construction, so set realistic expectations for moving in.
  7. Warranty and Guarantees: Inquire about warranties and guarantees provided by the developer for appliances, fixtures, and the overall building.
  8. Strata Fees: Be aware of the monthly fees you’ll need to pay for building maintenance and shared amenities.
  9. Contract Details: Review the purchase contract thoroughly or consult a real estate lawyer to ensure you understand all terms and conditions.
  10. Resale Potential: Consider the resale potential of the property. A well-located and well-designed condo can be a good investment for the future.
  11. Market Conditions: Research the current real estate market conditions in the area. It can influence the price and appreciation potential of the condo.
  12. Insurance and Permits: Ensure the developer has obtained all the necessary permits and insurance for the construction.

By considering these points, you can make an informed decision and find the ideal presale condo that suits your needs and financial goals.

Contact us for more information when purchasing a presale condo.