Presale vs Resale: The Pros & Cons
When it comes to buying a condo, you have two options to consider: you could buy a presale or resale. Both have advantages and disadvantages and depending on your needs and financial state, one may work better for you.
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.
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.