Quote:
Originally Posted by Ch28
Looking at potentially getting a presale with the gf. Our budget is around the 700-730k range for a 2br 2bath. Anyone else have any leads on potential "good buys" in the Burnaby and Vancouver area? We just started looking and it's so overwhelming
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Unless you don't have your full down payment in hand now and/or you're waiting to get married before you move in with your partner, I don't see much upside with buying a pre-sale these days.
- You don't know what you're going to get in terms of the final product
- Your closing interest rate will likely be higher 3-5 years from now than it is today
- The first 3-5 years of living in the complex won't be ideal as the strata council will be fighting the developer on deficiencies, you will be seeing lots of wear and tear as people move in-out, break-ins, etc.
The sweet spot for buying into a multi-family complex is between 5 and 10 years. Your unit will still feel somewhat modern, you'll get to see the actual unit and building you'll be living in and all of their faults before you buy, and the strata council should have a handle on how to run the complex properly which should limit your strata fee increases during your ownership.
I have lived in a brand new building so I know first hand of all of the pitfalls of new home ownership. I will never buy a brand new home again.