New Kitsilano Condo Development & Pre-Sales
One of the newest Kitsilano Condo Development’s – Radius by Ledingham-McAllister – has broken ground and is making quick work of the construction. I’ve added this building to our Favourite Kitsilano Condo Building’s since it’s sure to be a good building once it’s completed. The floor plans look to be good, and the building will offer 1 bedroom units up to 2 bedroom + den units.
For more information, photos of Radius at 1628 West 4th Ave: Radius
Buying Condos from a Developer
The Developer is now selling units in the building, and as the building grows more complete every day, you’ll be one day closer to moving in.
There are a a few differences when it comes to buying a condo pre-sale (which means before it’s built, you’re buying it directly from the developer) and you definitely need representation when doing so. The developers have a team of lawyers and experience behind them, and you need the same. I’ll write a full post on this topic at a later date, but for now, let the LiveKitsilano team know if you’re interested in buying something pre-sale.
Some of the biggest differences include:
– Price: Condos purchased from a Developer do NOT include GST. That 5% has to be added to the price you see online. If you buy a condo from a typical Seller, you do not have to pay GST.
– Deposits: When buying a condo from a seller, you only need a deposit once the offer is accepted. When buying a pre-sale condo, you often need to give multiple deposits at different dates (all specified in the contact) so you need to have certain sums of money prepared for these days. Typically, you’ll need more than 5% down in total in order to buy a pre-sale condo. Typically buying a condo pre-sale means you’ll purchase the condo for less than what the price would be when it’s finished, and you’ll have a chunk of it paid off by the time you move in.
– Living: When buying a condo from a typical Seller, you’ll be able to view the unit, walk around, open drawers and get a feel for the buildings common spaces and the unit’s floor plans. When buying the building from a Developer, you’ll be buying it off the floor plan. Keep in mind that Developers are allowed to build within1 10% of the stated square footage (meaning if you buy a 1000 sqft condo, you could end up with a 900+sqft condo) and sometimes there might be small design changes that can really affect the use of the space (such as the inclusion of a column, or a longer wall than anticipated. Also, you may not know exactly what your unit faces – will it be just above the short building next door, or will your sightline be directly into your neighbour’s home?
– Restrictions: Those who buy condos directly from the Developer will always be allowed to rent out the unit, even if the strata decides, down the road, to changes the building’s rental restrictions. This is one reason why investors are especially interested in buying pre-sale condos.
– Deficiencies: Once you move into a new condo building where you bought a unit from the Developer, you can give the Developer a list of deficiencies that need to be fixed – anything from small construction changes to small plumbing issues, to cracks in the tile.
Give the LiveKitsilano Team a call if you’re interested in buying a pre-sale condo. We’ll help to ensure you are protected and well aware of each step of the process.