Presale vs Resale: The Pros & Cons
When searching for a condo, the choice boils down to two clear paths: snagging one during its presale stage or picking from the resale market. Each route carries its own perks and pitfalls. Depending on your budget and what fits your lifestyle, one option will likely stand out as the better pick. Understanding these differences can save you money and stress, unlocking the door to a smarter home buy. Keep reading to discover which option suits you best and why it matters so much.
Presale Advantages:
Presale usually takes 3 years to complete and you won’t have to worry about getting a mortgage until then. You will have more time to save for a down deposit, as deposits are paid in installments. For a resale, completion day usually occurs a lot sooner and so does a mortgage.
Resale Advantages:
When you buy resale, you can see the home already and you know what you will be purchasing. You get to spend time in the unit, feel the layout, and take measurements. Although you may get a pretty good idea of the presale home by viewing the showrooms, the finishes and the intangibles like views may seem quite different upon completion.
There are a number of factors that need to be taken into consideration when determining whether a presale or resale purchase is more appropriate for you and I’ll be happy to help you navigate the best option!
Kim Lee PREC*
Oakwyn Realty Downtown Ltd.
P: 778-997-8938
E: hello@kimlee.ca
