There are certain pitfalls you want to avoid when buying Vancouver real estate, and although predicting a real estate market is similar to forecasting investments in general, there are some mistakes you will want to avoid to better ensure your investment is sound.
Buying Vancouver Real Estate – Building Delays
When buying a pre-constructed property, the marketing team selling it will give you an estimated completion date for when you can move in. Before 2006 this was a very rough estimate, and had people waiting for many additional months before their investment was move-in ready.
There have even been court cases fought and won over building delays, which helped to set the precedent for construction companies and developers to be on task and on time with their estimates.
The law now is in the favour of buyers, ensuring that development companies are giving critical dates that will be a part of any purchasing agreement and signed contract. If those dates are not upheld, you – as an investor, can either request fair compensation, or request to get out of your deal.
You know how your sideview mirror indicates, “objects in mirror are closer than they appear”? Same goes for pre-built home purchases. Those in charge of marketing and selling you your pre-built space will likely always include your patio, deck, rooftop and other such “living areas” inclusive to your square footage, as there are no mandates restricting these inclusions.
So ensure you realtor requests your floor plan particulars in writing – just one excellent reason having a realtor on hand to buy your pre-built home is wise. They work for YOU and not for the company marketing the homes.
Closing costs are often estimates, which can make actual costs come in at a surprise. Closing costs can get pretty out of hand for things such as having your gas and electricity connected, as well as other such expenses as mortgage discharge fees.
TIP: Find out what is and is not included in order to better predict final closing costs.
Summer is an excellent time to make your real estate investment decisions in Vancouver, and having a realtor on hand who can help highlight the fine-print of pre-sale homes, will save you a lot of surprise fees and undisclosed processes that will pop up when you’re finally ready to move in.
Don’t be caught off guard, protect yourself with a realtor and enjoy your investment without any unexpected injuries to your wallet when you are buying Vancouver real estate.