Surrey is located on the lower mainland on the south side of Fraser River and borders the USA. It is the largest city in terms of area and is the second most populous city in Canada. It has significant rural and urban areas, located at the center of Vancouver’s commercial hub and has two airports nearby. This factor has fostered positive business opportunities in the area.
As the city has maximum growth opportunities, it is now the right time to invest in real estate in Surrey. The best infrastructure and amenities provide comfortable living places to almost 700 people monthly. If you are considering becoming a homeowner or investing in real estate, 2024 is the best time to invest in presale townhomes in Surrey.
What is a presale townhome?
Presale townhomes are the property available for sale even before it is built or is in the process of completion. The prices are low as compared to fully furnished apartments. You can easily become a homeowner using a minimum deposit by investing in a presale property. People usually purchase presale houses because they do not have to pay the full price until it is completed. Developers charge in installments so you can schedule your finances accordingly.
What are the benefits of investing in Presale townhomes in Surrey?
Easy payment plan
You do not have to pay all the amount at one time. You can easily develop a payment plan which gives you more time to manage your finances.
High resale price
The price of the property may increase once it is completed. So, you can resell the property and earn more benefits than your investment in new construction homes for sale in Surrey.
Hassle-free building process
Building your own house from scratch can be hectic, but this allows more freedom as you are involved from the start. You can customize the layout and transform it into your dream house without worrying about materials and construction.
Budget-friendly transformation
You can live in a brand new house. If you don’t like the idea of living in used homes, presale houses are for you. You can transform the house to fit your budget.
High rental margin
If your house is completed and you are not planning to shift, you can rent out the house. It is an easy way to make a profit, as many tenants are interested in new homes. Plus, you do not need to repair or touch up the space. Generally, the prices for new rental houses are higher than normal ones.
Less deposit amount
Purchasing a presale property is ideal if you are on a budget. You have to submit a 10-15% deposit and then pay the money in installments. You can easily become a homeowner with cash in hand.
Step-by-Step Guide to purchasing presale property
Find a suitable developer.
Selecting the right developer and project can help you get your dream house. You can generate long-term benefits by selecting a professional developer. Search the local developers, read reviews about them, and analyze their past projects. You should always go for an experienced company rather than trusting a newbie for presale townhomes in Surrey.
Research the area
The second step is to research the area. It includes looking out for location and other amenities like schools, offices, parks, public transport, community centers, and convenience stores. Make sure you are investing in the right place.
Check the project Presentation.
You can visit a presentation center to understand the building model and better understand the materials. A model demonstration gives you an idea about how the project will turn out. You can see if customization is available or if all the houses have a similar structure. Usually, it is on a first-come, first-serve basis so you can get your dream house. Moreover, it can also help to estimate your offer on the project.
Read the agreement carefully.
Terms and conditions of new construction homes for sale in Surrey are somewhat complicated. Make sure that you read the contract carefully to understand the deposit method, payment plan, project completion date, and details of necessities provided by the developer. You can also hire a lawyer to ease the process.
Prepare a finance plan.
Make sure you have finances planned out before making an offer to purchase a property. Get a pre-approved mortgage to secure your financial planning. The full loan payment, however, depends on your financial condition and the completion of the development project.
Make an offer
It is the most important step in purchasing presale townhomes in Surrey. You have to contact the developer’s team directly to share your payment details and check if negotiation is possible. You can also ask for more services like parking or extra storage space that the developer can manage within the same budget.
Transfer the deposit amount.
You need to transfer 5-10% as a deposit amount. It depends upon the terms and conditions of the agreement. Once you have submitted an offer, you are given a 7-day recession period to go through the documentation plan and finalize the deal.
View market trends
Remember that market trends might change while your property is being constructed. The resale prices might increase or decrease, so you should be prepared for negative and positive outcomes.
Keep yourself updated
Keep checking on the development progress. Stay in contact with your developer to know about any alterations in the original construction period and payment plan.
Conclusion
Purchasing a presale property can be very hectic. It requires diligent planning and a strong plan to own a property or to invest in real estate. A hassle-free way to have an expert real estate agent with you. Have you been searching for the ‘best realtor near me?’ Muzaffar Manghat is the best realtor in Surrey to help you quickly get your hands on your favorite property. With years of expertise, he will ensure a streamlined process.
