Find answers to Presale Condos & Presale Assignment Questions
Our Real Estate experts will answer all your questions and concerns about buying a presale condo or assignment.
What is a Presale Condo or Townhome?
A presale condo is a home that’s available to purchase before being move-in ready. You can choose to purchase either before construction starts or during construction.
Benefits of Purchasing a Presale Condo
It will depend on whether you are buying a future home to live in or buying an investment. The benefits of buying a presale condo and selling your single-family home. It will give you lots of time to get prepared for the move. When you buy a presale condo or townhome, you will be waiting until the building is complete before you move. It sometimes takes 4 to 5 years for the buildings to be complete.
- You are buying a brand new condo to live in once it is finished being built.
- In some cases, you can pre-specify the appliances, colours, and fixtures you want ahead of time.
- You can secure a price at the time you buy without a monthly mortgage payment, property charges, and maintenance fees.
- If your objective is for an investment, you can profit from a potential rising market.
What is a Presale Condo Assignment?
“A contract assignment occurs when a buyer transfers the contract to buy property to someone else before the completion date. The buyer can transfer the contract for any price, even for a higher price than they paid for the property.” In theory, the new buyer is buying a “resale” of a previous “presale.” Hence, the coined term “presale resale.”
What are the Advantages of Purchasing or Selling a Presale Assignment?
There can be advantages for both the buyer and the seller, but there can be risks and restrictions you will need to know about before you proceed. Ask an experienced presale real estate professional to guide you through.
Presale Condo Investment
Are you planning on a presale condo Investment? The good news is that presale condos make a sensible purchase decision whether to live in or for investment. Most seasoned investors opt for condos in the pre-construction market. Getting in early at the development stage is an exciting prospect, especially as you have a choice over the developer and location.