If you’ve ever wondered how to buy a presale condo but have been intimidated by the unfamiliarity of the process, this how-to guide is for you. First-time homebuyers and individuals new to the presale or pre-construction condo market typically have many similar questions, all of which are straightforward and easy to answer. Once you’ve taken in the information below, you’ll know exactly how to buy a presale condo. The only thing left to do will be to find the new development that’s right for you. Here’s how to buy a presale property.
Defining a Presale Condo
Presale condos are brought to the market by a developer before the units are built. Buyers can choose to put money down on presales and own the rights to a future home. Buyers still eventually pay the condos’ full price, but until the property is completed, a home loan isn’t needed. This gives buyers the opportunity to leverage their initial investment, should the market rise while the presale is being built.