We asked an expert about the advantages of buying a property in presale
Buying a property can be a minefield, especially when the global economic situation remains uncertain. But with good advice from experienced real estate professionals, you’re more likely to make an informed decision on whether or not to invest.
Considering a property that hasn’t been built yet can feel overwhelming if you’re new to the world of real estate, but, according to a Surrey-based estate agent with 25 years’ experience buying and selling condos in presale in the Lower Mainland (and 18 years as a real estate agent), there are great advantages in getting a price lock in a few years before completion.
Ravi Bhindi is the founder of ipresalecondos.com, a new presale directory that lists real estate presale opportunities in the Lower Mainland. He has been guiding and advising buyers since buying his own pre-sale condo in New Westminster 16 years ago.
Impressed with the deal he was getting on his two-bedroom condo, Bhindi recommended the development to friends and family. Based on the word of mouth he generated, he helped encourage the sale of eight condos in his first year as a real estate agent. That’s when he saw a niche in the market for a pre-sale condo directory, and the idea of ipresalecondos.com was born.
Today, the Bhindi team includes three real estate experts who believe in educating and supporting their clients, preparing them for a financially independent lifestyle.
“We provide factual information and proper benchmarking to ensure you make the right decision when buying a pre-sale condo,” Bhindi told Daily Hive.
The company has partnered with reputable and experienced lawyers, accountants, mortgage advisers and other professionals who share Bhindi’s vision of guiding and educating clients.
“Recently I hired a property manager to ipresalecondos.com team to improve the customer experience and make the pre-sale condo buying experience a “one-stop-shop for real estate,” says Bhindi. “When you buy from us, we rent your condo at the end.”
Potential buyers who use ipresalecondos.com learn how to build up a long-term property portfolio. They are guided on how they can use these funds to retire, pay for their children’s education or pay their down payment for their first home.
During free full strategy sessionclients will learn about issues such as structuring your multiple purchases under a holding company, tax strategies, and how to choose a unit based on price.
Bhindi and his team use their good reputation with developers to gain early access to pre-sale construction projects. This means they can negotiate a better deal and terms on the ground floor, so their buyers get better units at a good price, rather than buying towards the end of the sale period.
“We mentor and educate new immigrants, investors and first-time buyers who are very new to pre-construction real estate investing through webinars — which are also available for free on our Youtube channel — and through our free pre-sales success strategy sessionsBhindi says.
He says their value lies in the education and advice they provide to buyers, explaining that he does not sell properties to his clients, but does extensive research on their behalf.
“After reviewing some pre-sale plans and the pricing structure, there were instances where we asked customers to pull out at the last minute because we felt they weren’t getting a fair deal,” he said. he declared.
When looking for a good deal for clientsBhindi and his team start by reviewing the developer’s location, product mix, floor plans, and pricing strategy.
“Product mix means how many one bedroom, studio and two bedroom there are in the development and how to use this information when buying,” Bhindi explains.
Bhindi mentions that when it comes to pricing strategy, the way developers price their pre-sales isn’t necessarily the same as a licensed real estate agent – who sets the resale price at the time. completion. Understanding these strategies can help put buyers in a better financial position early in the buying process.
Regarding floor plans, Bhindi says, “It is important to envision the course of the finished property, taking into account views and sunlight depending on where the unit is located in the development. »
The team then considers factors such as completion date, mission costs, deposit structure and whether the purchase price includes parking and a locker. Using the partners they acquired through law firms with real estate expertise, ipresalecondos.com will give a thorough reading of the contract to ensure that there are no surprises and that their clients are protected.
Who can benefit from presale purchase?
According to Bhindi, newcomers to Canada will benefit from buying a pre-sale as they can work towards acquiring their permanent residence before the property is completed and therefore will not have to pay the buyer’s tax. stranger to completion.
In addition, ipresalecondos.com with major banks such as BMO, TD, RBC and CIBC. This way, all of its customers can get mortgage approvals now, and the bank will keep them on file until they are completed.
Early buyers will also benefit from the price lock, Bhindi says. In his view, the current real estate market will experience further upside over the next few years with continued inward migration and continued supply demand.
Investors will benefit from access to lawyers and accountants who work with ipresalecondos.com, and “help them structure their investments so they have the best tax-saving strategy and can build a healthy real estate investment portfolio,” says Bhindi.
Their in-house property manager will help investors rent their units “so they don’t have the headache of selecting and placing tenants — plus, we create contracts that include landlord benefits,” adds- he.
Bhindi and the ipresalecondos.com The team thinks buying should be easy. Bhindi recommends potential buyers to take the following steps. They must first go to ipresalecondos.com, and use the directory to find a pre-build property they like. Next, he recommends that they request floor plans and pricing by submitting a contact form.
After submitting the form, Bhindi says buyers should check their emails and review the information — don’t forget the spam folder. Finally, potential buyers should complete the follow-up request form or book a one-on-one pre-sales success strategy session with the team – details will be in your email.
Last Opportunity in Surrey’s West Village
The latest development on Bhindi’s radar is PURA by Adera, Surrey Central’s first wellness-focused log community. This development offers over 12,000 sq. rise of Surrey. These solid wood houses will be built with Adera SmartWood cross-laminated timber (CLT) — a product that is comparable in strength to concrete.
Coming to market in September, PURA’s new one-bedroom homes will start in the $300,000s, one-bedroom plus den homes will start in the $500,000s, and two-bedroom junior units will start in the $500,000s. $.
“Anyone who comes in now and expects development to be complete in 2025 — then more people will come to Canada. [Hopefully] inflation is under control [by then]and the market will have picked up so people will start to profit from their investment in this property,” says Bhindi.
“We really like the location because it’s across from a school, it’s walking distance to skytrains and Central City mall, but it’s a bit hidden in a good location and the price is pretty good “, he continues, adding that Adera is “a reputable developer” who “builds a good product”.
Enter for a chance to win a $500 gift card to the Vancouver Marriott Hotel in ipresalecondos.comFill out the form below.
Disclaimer: Ravi Bhindi is a licensed Realtor with Royal Lepage West Real Estate Services and operates as a personal real estate company.