Buying a presale property can be an exciting opportunity, especially in a competitive real estate market like Vancouver. However, presale projects often take years to complete, and during that time, a lot can change—interest rates, lending policies, and even your personal financial situation.
One crucial step that many buyers overlook is adding an additional buyer clause in the presale contract. This small addition can provide flexibility and potentially save you thousands of dollars in the long run.
Presale projects can take anywhere from two to five years to complete. While you may be financially stable today, there’s no guarantee that your financial situation or lending rules will remain the same by the time the property is ready. If mortgage qualification requirements change, you may find it harder to secure financing on your own.
One way to safeguard against financing challenges is by including an additional buyer clause in your presale contract. This clause allows you to add an immediate family member to the contract upon completion if needed to qualify for financing. This is especially useful if you:
Without this clause, if you need to add a family member later, the developer may charge you assignment and administrative fees, which can range from 1% to 5% of the property price. This can add up to tens of thousands of dollars in extra costs.
By having the additional buyer clause in place, you can avoid these unnecessary expenses and retain financial flexibility leading up to your completion date.
In most cases, yes. Many developers are open to including this clause if requested during the initial contract signing. However, it is crucial to have an experienced realtor advocating for you during the negotiation process.
Adding an additional buyer clause to your presale contract is a simple yet highly effective strategy to protect yourself from unexpected financial changes. It provides peace of mind, saves you money, and ensures a smoother home-buying process.
Thinking about buying a presale property? Let’s connect! I can help you navigate the process and negotiate the best terms for your investment.
Selling your home in Vancouver’s dynamic real estate market can feel overwhelming, especially with factors outside your control like market conditions. But don't worry—there are key strategies you can implement to increase your chances of selling your home quickly and at a great price.
When it comes to how fast your home sells, two major components come into play:
Market Conditions
These are external factors like interest rates, inflation, and buyer sentiment. Unfortunately, these are beyond your control. However, being informed about current trends can help you make smarter decisions.
Your Strategy
While you can’t influence the market, you have full control over your selling strategy. Focusing on this can make all the difference.
1. Price Your Home Correctly
Take a close look at similar properties in your area that have recently sold. Pricing your home competitively is critical—homes that are overpriced often sit on the market too long, while well-priced homes tend to attract more interest and sell faster. A real estate professional can help you analyze market data and determine the best listing price for your home.
2. Present Your Home in the Best Light
First impressions matter. Simple upgrades and maintenance can make your home more appealing to buyers.
3. Work With a Proactive Realtor
A skilled realtor will ensure your home gets the right exposure, is marketed effectively, and receives professional photography and video tours. They’ll also help you navigate negotiations to secure the best deal.
Selling your home quickly isn’t about waiting for the market to improve—it’s about focusing on the elements you can control. By pricing your home competitively, showcasing it beautifully, and working with a proactive real estate agent, you can maximize your chances of a speedy and successful sale.
If you’re thinking of selling your home in Vancouver and need expert guidance, feel free to reach out. I’d be happy to help you create a personalized strategy to sell your home faster and at the best price.
Let’s make your home stand out in the market!