Video Transcript:
00:00:00:01 – 00:00:11:19
You have to understand how your buying criteria and your individual situation fits into the overall market. To me, the right time to buy is when it’s right for you.
00:00:17:01 – 00:00:29:16
In Vancouver real estate, where people tend to operate in a bit of a herd mentality. Housing is something that needs to be a very individual and personal thing. So it’s a part of our role to look out for your best interest and make the complex simple.
00:00:29:18 – 00:00:49:17
The interesting thing when you’re considering resale versus pre-sale, is, I think a lot of people don’t understand the amount of benefit that comes inherently in the transaction for the purchaser themselves. With resale homes, it’s up to you to actually negotiate with the selling side as to how much of a degree of due diligence you’re allowed to get in that transaction.
00:00:49:17 – 00:00:57:20
It could be three days, it could be five days. You could be limited on the things that you’re able to look into, depending on how you negotiate the contract.
00:00:57:22 – 00:01:09:06
There’s obviously going to be situations where resale will trump presale or will trump new developments. If you’re looking at buying something that’s incredibly unique, you might find that in the resale space as opposed to the new development.
00:01:09:08 – 00:01:26:22
Resale costs you may have to deal with are things like special levies, deferred maintenance for both the building and the suite, appliances, renovations that need to be redone, based on what the owner has disclosed to you, and depending on what your realtor knows about the community and the experts that you hire, such as inspectors.
00:01:26:22 – 00:01:38:00
If you’re buying a new development, you’re starting at the beginning, so you have the ability to understand your warranty coverage will begin. All of the ensuite items, your one year and your two year warranties will commence on the day that you take possession of the home.
00:01:38:00 – 00:01:49:19
And then you have your five year envelope warranty that covers the common property, your ten year structural warranty of the building. So you have all of these securities that you don’t necessarily have in the resale world.
00:01:49:21 – 00:02:03:22
With new builds, you can really negotiate anything. You’ve got purchase price, completion date, deposit terms on the financial side of things, color scheme and certain fixtures and finishings on the build product itself, parking space, storage locker, both locations and quantity.
00:02:03:23 – 00:02:19:08
Anytime you buy a new development, you have a mandated seven day period where you have the ability to do any due diligence that you want. You can make sure that the purchase is correct for you and your specific needs before you actually have to commit to the purchase itself.
00:02:19:10 – 00:02:30:08
The benefit to the buyers right now is there’s this abundance of time, selection and choice so they can actually walk through multiple different floor plans and see how they live. Making sure that the home is right for you before actually having to commit.
00:02:30:08 – 00:02:48:16
Make the decision based on your criteria as opposed to to the market or the news cycle. If you’re sitting there as a buyer wondering when is it going to be the perfect time to buy, I unfortunately have news you will never know and nobody will ever know when the perfect time to buy is. And what usually happens if you look back in that scenario is you’ve missed a massive opportunity to buy.
00:02:55:19 – 00:03:00:21
[Chris] Fun okay.
[Crew] That was great.
[Chris] Thanks guys.