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A presale is a property that's available to purchase prior to being move in ready.
The buyer purchases the right to the future property either before construction starts or during construction.
Generally applies to condominiums, townhomes, single-family detached.
| Term/Issue | Stress Scale | |||
|---|---|---|---|---|
| 1 Normal |
2 Mild |
3 Moderate |
4 Severe |
|
| Purchasing from a floor plan | ||||
| Prefer seeing the final product | ||||
| Flexible with selection and customization of interior finishes | ||||
| Flexible with substitutions of finishes and materials | ||||
| Committing significant deposit monies for long period of time | ||||
| Developer term allowing cancellation of contract with the deposit returned as sole remedy for liquidated damages | ||||
| Flexible Completion dates and/or delayed possession | ||||
| Moving into a partially finished building | ||||
| Moving into a partially finished community | ||||
| Deficiency process requiring trades having access to property after completion | ||||
| Uncertainty of neighbours (tenant vs. owner occupancy) | ||||
| Mortgage interest rate fluctuations/uncertainty and no guarantee of a mortgage | ||||
| Real Estate Market fluctuations | ||||
| Ability to pay for GST over and above purchase price | ||||
| Restriction by developer to allow assignment of contract | ||||
| Total Score - add up each column | ||||