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Presale or Resale?

Love the idea of buying NEW? Many homebuyers are enticed by the allure of buying a brand-new home, whether it’s a house, townhome, or condo. There are numerous benefits to buying new, especially at the presale stage. If you’re wondering if it’s the right move for you, we've got you covered.

First, what is presale? Simply put, it’s when a buyer purchases a home before construction is built or completed.

The Nyrose and Associates team are experienced pros working with both developers and presale buyers. We possess a deep understanding of what’s necessary for a presale purchase to instill confidence in our buyers. Over the years, we've assisted buyers in Kelowna, West Kelowna, and Lake Country with their presale purchases, and recognize that presale homes may not be the right choice for every buyer. That’s why we work with you to assess your needs.

What are the top 5 benefits of buying presale?

1. New Construction: Presale properties are brand new, so you won't have to deal with the maintenance and repair issues that often come with older homes. Everything is new and up to code.

2. Customization: Depending on the developer and the project, you may have the opportunity to customize certain aspects of your home, such as choosing finishes, materials, and colour schemes.

3. First to own: You will be the first owner of your home, which is appealing to those who prefer an untouched and pristine living environment.

4. Time to Save: The period between purchase and completion allows you time to save for closing costs, which can include legal fees, moving expenses, and more. You may even see increased appreciation on your home by the time you move in.

5. Warranty Protection: New builds in British Columbia are required to come with a 2-5-10 year new home warranty, providing protection and peace of mind for homeowners.

What are the the top 3 risks of buying presale?

1. Uncertain Project Completion: Developers often require a minimum number of presale purchases to secure project financing. There is the risk that insufficient interest will lead to project cancellation. In such cases, your deposit is refundable, but our expertise enables us to identify and mitigate such risks.

2. Construction Delays: Your move-in date is subject to change as it depends on construction timelines. When you sign your contract, a firm move-in date is unavailable.

3. Visualizing From a Floorplan: Visualizing a space solely from a floorplan can be challenging. However, 3D renderings and virtual tours have made this easier. Our team can help you better visualize the space and make informed decisions, ensuring you understand aspects like room sizes and open-concept layouts.

Is buying NEW right for you?

The best way to determine if purchasing presale is right for you? Get in touch with Nyrose & Associates. We can run through all the pros and cons to help ensure you're making an informed decision.

As new home development experts in Kelowna, we work hard to have the pulse on all new communities in the area and look forward to passing this info onto you. Are you interested in buying new? Our Buyers Agents can help you determine if buying new is right for you and help you find the right new or resale property to call home. Our team buyers agents are skilled experts in representing buyers in their new & resale purchases.

While purchasing a presale property entails inherent risks, partnering with an experienced real estate team can significantly reduce the associated stress. Give us a call at 250-258-9888 and we'll help guide you with the process of buying new.


Updated: October 19, 2023

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