As an East Vancouver resident, chances are you’ve seen ads announcing pre-construction condos for sale. The terms can be extremely enticing—minimal down payment, rock bottom prices, and they’re situated in the heart of the metro. But what does pre-construction mean? Get to know more about it so you’ll know if it’s worth investing in this type of property.
What is a pre-construction condo?
Pre-construction or pre-sale condos are properties sold before the completion of the project, either while it’s still in the planning stages or under construction. Selling condo units before they are completed allows developers to finance their project. In turn, buyers get the chance to purchase the property at a much cheaper price. Despite the attractiveness of such an offer, there are considerations to be made, and it pays to know the pros and cons of the process.
Pro – Low opening prices and flexible payment schemes
Because they have nothing concrete to show aside from the plans, real estate developers often offer pre-construction properties 30 to 50 percent lower than actual existing units. This is designed to attract the most number of interested buyers. For further enticement, developers are even willing to package already low prices with promos, discounts, and flexible payment schemes. Read more from this blog: