Never never never never buy a presale new build. As a first time homebuyer what a nightmare! Remember, anything outside your drywall in strata properties is common property, thus, you have no say even brining up. Your only window is semi destroyed on the outside? Good luck! Even if you do have a legal claim and your builder is not following the contract, don’t kid yourself and believe that your lawyer will represent you. The lawyer fees you pay are strictly just for the transaction, nothing more. if it becomes adversarial, you’re looking at $400 to $500 an hour just to look at it. Stay away.
Thank you for your work and your videos. This kind of content is very valuable, especially for people who recently moved to Canada and need to learn all the secrets of the Canadian real estate market.
Thanks for this video Sebastian. I only bought new once, and while they met the date, square footage and requirements, it took 1.5 years to fix all the deficiencies. I've found buying used to be more relaxing. Just need to have that inspector on a used home. I've never waived that. Does it make a difference when purchasing a home in vancouver to be cash financing the whole price?
Hi @OrdinaryFilmmaker! Those deficiencies can definitely take a while to get wrapped up. I find that's where the quality of the developer can really show. The best developers have that customer service dialed in. They understand that keeping you happy post-sale goes a long way to building their reputation...and the less professional developers let the ball drop here. The subjects/conditions that are in (or omitted) from an offer can make a difference...but it's really dependent on market conditions and the motivations of the seller. It'll really be case by case dependent on how much of an impact it makes to not have a subject to financing. But as a general rule, it'll help make your offer more attractive.
@@LivingInVancouver-BC We'll be out there in a month so I'll send you my capability map of what we are looking for. We haven't prioritized it yet, but it's helpful to understand what is in our heads. News, used, condo, house... we're still trying to understand what makes sense with only budget being the overriding constraint.
what a great video. So direct and informative. Thank you so much for this video, Sebastian! Do you also work with apartments in Downtown Vancouver (West End)?
Hey @samuelaraujo9959! Thanks for saying that (and for checking out the channel)...happy that you found the video helpful! And yes, I do work quite a bit downtown (and in the West End). Let me know how I can help!
@AlexSuperTramp I believe that in BC there are actually quite a lot of protections in place for consumers...far more than ever before (and more than in just about every other jurisdiction). In my opinion, there's no better time than the present to purchase a home. But, you are spending a lot of money and there are definitely areas where a buyer should be cautious.
What do you think about buying a new construction home in Vancouver? Call/Text Direct - 604-831-4837 email: sebastian@albrechtgroup.ca Book a call: www.calendly.com/albrechtgroup
@huskavarnaband That's simply not true. I've never owned a home or had a client own a home that requires "$2-400,000 in structural and rot repairs". Do homes as you describe them exist? Sure. But if you do your due diligence and maintain your home that's easily avoidable.
The danger of the Developer "running away." My sister is in a mess when her developer of the condo she bought [MYR 1.2 million - +/-900sqft] vanished after the lockdown. Now is still in the legal battle and despite not having to get her incomplete condo, she still needs to pay the bank and the interests. Imagine this happened in 2021 and now 2024 still pending the issue, and every month still has to pay off the banks for something you bought but didn't get. Lesson, don't buy from just about any developer - find those really credible ones.
That's a great point @frankielee908. It's one that I definitely should have added in. This is definitely a risk of buying from lesser known or reputable builders. It's a really tough business and requires a LOT of capital...and when markets shift downwards or interest rates rise some of the smaller developers can quickly get in trouble. So sorry to hear that your sister has gone through that. It really is a nightmare to experience. :/
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Never never never never buy a presale new build. As a first time homebuyer what a nightmare! Remember, anything outside your drywall in strata properties is common property, thus, you have no say even brining up. Your only window is semi destroyed on the outside? Good luck! Even if you do have a legal claim and your builder is not following the contract, don’t kid yourself and believe that your lawyer will represent you. The lawyer fees you pay are strictly just for the transaction, nothing more. if it becomes adversarial, you’re looking at $400 to $500 an hour just to look at it. Stay away.
@TheTCOLL I wouldn't go that far, personally. It's just important to go in with your eyes wide open. And, ideally, buy from a reputable builder.
Thank you for your work and your videos. This kind of content is very valuable, especially for people who recently moved to Canada and need to learn all the secrets of the Canadian real estate market.
My pleasure @IhorLeshchenko-tm5uj! Appreciate you watching! I'm happy to hear that you are finding the content helpful and valuable!
I bought a home pre-sale. Never again. It was a nightmare.
@claritaakerman2843 Yikes! What happened?
Thanks for this video Sebastian. I only bought new once, and while they met the date, square footage and requirements, it took 1.5 years to fix all the deficiencies. I've found buying used to be more relaxing. Just need to have that inspector on a used home. I've never waived that. Does it make a difference when purchasing a home in vancouver to be cash financing the whole price?
Hi @OrdinaryFilmmaker! Those deficiencies can definitely take a while to get wrapped up. I find that's where the quality of the developer can really show. The best developers have that customer service dialed in. They understand that keeping you happy post-sale goes a long way to building their reputation...and the less professional developers let the ball drop here.
The subjects/conditions that are in (or omitted) from an offer can make a difference...but it's really dependent on market conditions and the motivations of the seller. It'll really be case by case dependent on how much of an impact it makes to not have a subject to financing. But as a general rule, it'll help make your offer more attractive.
@@LivingInVancouver-BC We'll be out there in a month so I'll send you my capability map of what we are looking for. We haven't prioritized it yet, but it's helpful to understand what is in our heads. News, used, condo, house... we're still trying to understand what makes sense with only budget being the overriding constraint.
100%!
what a great video. So direct and informative. Thank you so much for this video, Sebastian! Do you also work with apartments in Downtown Vancouver (West End)?
Hey @samuelaraujo9959! Thanks for saying that (and for checking out the channel)...happy that you found the video helpful! And yes, I do work quite a bit downtown (and in the West End). Let me know how I can help!
sadly the RE industry in Canada is low trust these days
@AlexSuperTramp I believe that in BC there are actually quite a lot of protections in place for consumers...far more than ever before (and more than in just about every other jurisdiction). In my opinion, there's no better time than the present to purchase a home. But, you are spending a lot of money and there are definitely areas where a buyer should be cautious.
What do you think about buying a new construction home in Vancouver?
Call/Text Direct - 604-831-4837
email: sebastian@albrechtgroup.ca
Book a call: www.calendly.com/albrechtgroup
First! Thank you for your videos!
@LillianBelanger-rc7ow You are welcome! Are you looking to move to Vancouver?
@@LivingInVancouver-BC I live in Vancouver already! I work in constructing new condos, but I’d love to live in one of them one day ☺️
Cool! Living in a brand new home can definitely be pretty sweet. :)
Used construction is worse.. each house needs $2-400,000 in structural and rot repairs..
@huskavarnaband That's simply not true. I've never owned a home or had a client own a home that requires "$2-400,000 in structural and rot repairs". Do homes as you describe them exist? Sure. But if you do your due diligence and maintain your home that's easily avoidable.
The danger of the Developer "running away." My sister is in a mess when her developer of the condo she bought [MYR 1.2 million - +/-900sqft] vanished after the lockdown. Now is still in the legal battle and despite not having to get her incomplete condo, she still needs to pay the bank and the interests. Imagine this happened in 2021 and now 2024 still pending the issue, and every month still has to pay off the banks for something you bought but didn't get. Lesson, don't buy from just about any developer - find those really credible ones.
That's a great point @frankielee908. It's one that I definitely should have added in. This is definitely a risk of buying from lesser known or reputable builders. It's a really tough business and requires a LOT of capital...and when markets shift downwards or interest rates rise some of the smaller developers can quickly get in trouble. So sorry to hear that your sister has gone through that. It really is a nightmare to experience. :/