Buying a property can be a minefield, especially when the global economic picture remains uncertain. But with good advice from experienced real estate professionals, there’s a better chance of making an informed decision about whether or not to invest.
Considering a property that hasn’t yet been built can seem overwhelming if you’re new to the world of real estate, but, according to a Surrey-based realtor with 25 years of experience in buying and selling presale condos in the Lower Mainland (and 18 years as a realtor), there are big benefits to be had from locking in a price a few years ahead of completion.
Ravi Bhindi is the founder of ipresalecondos.com, a new presale directory that lists opportunities for presale real estate across the Lower Mainland. He has been guiding and advising buyers since he purchased his own presale condo in New Westminster 16 years ago.
Impressed by the deal he was getting on his two-bedroom condo, Bhindi recommended the development to his friends and family. Based on the word-of-mouth buzz he generated, he helped encourage the sale of eight condos in his first year as a realtor. That was the point at which he saw a niche in the market for a presale condos directory, and the idea for ipresalecondos.com was born.
Achieving presale success
Now, Bhindi’s team has three real estate experts who believe in educating and guiding their clients — setting them up for a financially independent lifestyle.
“We provide factual information and proper comparative analysis to ensure you make the right decision when buying a presale condo,” Bhindi tells Daily Hive.
The business has partnered with reputable and experienced lawyers, accountants, mortgage advisors, and other professionals who share Bhindi’s vision of guiding and educating clients.
“Recently, I hired a property manager to the ipresalecondos.com team to enhance customer experience and make presale condo buying experience a ‘one-stop real estate shop,’” Bhindi explains. “When you buy from us, we will rent your condo at completion.”
Prospective buyers who use ipresalecondos.com will learn how to build long-term real estate wealth. They’re guided through how they can use to those funds to retire, pay for their kids’ education, or pay for their down payment for their first home.
During a free comprehensive strategy session, clients will learn about issues like structuring your multiple purchases under a holding company, tax strategies, and how to pick a unit based on price.
Bhindi and his team use their good reputation with developers to gain early access to presale construction projects. This means they can negotiate a better deal and terms on the ground floor, so their buyers get better units at a good price, rather than buying towards the end of the sale period.
“We guide and educate new immigrants, investors, and first-time buyers who are very new in pre-construction property investment through webinars — which are also available for free on our YouTube channel — and through our free presale success strategy sessions,” Bhindi says.
He says their value is in the education and guidance they provide to buyers, explaining that he does not sell properties to his clients, but conducts in-depth research on their behalf.
“After looking at some presale projects and the pricing structure, there have been instances where we have asked customers to back out at the last minute because we thought that they weren’t getting a fair deal,” he said.
When sourcing a good deal for clients, Bhindi and his team begin by considering location, product mix, floor plans, and the developer’s pricing strategy.
“Product mix means how many one-bedrooms, studios, and two-bedrooms there are in the development and how to use this information when buying,” Bhindi explains.
Bhindi mentions, that when looking at price strategy, the way developers price their presales is not necessarily the same as a licensed realtor — which price resale at completion. Understanding these strategies can help put buyers in a better financial position right at the start of the purchasing process.
When it comes to floor plans, Bhindi says, “It’s important to imagine the walk-through of the finished property, factoring in views and sunlight based on the location of the unit within the development.”
The team then examines factors such as completion date, assignment fees, deposit structure, and whether the purchase price includes parking and a locker. Using the partners they’ve acquired through law firms with real estate expertise, ipresalecondos.com will give a thorough read through the contract to make sure there aren’t any surprises, and that their clients are protected.
Who can benefit from buying presale?
According to Bhindi, newcomers to Canada will benefit from purchasing a presale because they can work on acquiring their Permanent Residency before the property’s completion and therefore won’t have to pay for the foreign buyer’s tax at completion.
Additionally, ipresalecondos.com with major banks such as BMO, TD, RBC, and CIBC. This way, all his clients can secure mortgage approval now, and the bank will keep them on file until completion.
First-time buyers will also benefit from locking in the price, Bhindi says. In his opinion, the current real estate market will see further upswings in the next few years with continued inward migration and ongoing supply demand.
Investors will benefit from having access to the lawyers and accountants who work with ipresalecondos.com, and “help them structure their investments so they have the best tax savings strategy and can build a healthy real estate investment portfolio,” says Bhindi.
Their in-house property manager will help investors rent out their units “so they don’t have the headache of screening and placing tenants — plus we create contracts that include benefits to the landlord,” he adds.
Bhindi and the ipresalecondos.com team believe that buying should be easy. Bhindi recommends that prospective buyers follow the following steps. First, they have to go to ipresalecondos.com, and use the directory to find a pre-construction property they like. Next, he recommends they request the floor plans and price by submitting a contact form.
After submitting the form, Bhindi says buyers need to check their email and review the information — don’t forget the spam folder. Finally, prospective buyers need to fill out the suite request form or book a one-on-one presale success strategy session with the team — details will be in your email.
Latest opportunity in Surrey’s West Village
The latest development on Bhindi’s radar is PURA by Adera, Surrey Central’s first wellness-centred, mass timber community. This development offers over 12,000 sq ft of amenities including an expansive courtyard, incredible rooftop terrace, and other spaces for fitness, study, work, and socializing on the corner of Surrey’s up-and-coming West Village. These mass timber homes will be built with Adera’s SmartWood cross-laminated timber (CLT ) — a product that’s comparable in strength to concrete.
Hitting the market this September, PURA’s new one-bedroom homes will start in the high $300,000s, the one-bedroom plus den homes will begin in the low $500,000s, and junior two-bedroom units will start in the mid $500,000s.
“Anyone who gets in now and waits until the development is completed in 2025 — by that time, more people will be coming to Canada. [Hopefully] inflation’s under control [by then], and the market will have picked up again so people will start gaining from their investment in this property,” Bhindi says.
“We really like the location because it’s across from a school, it’s walking distance to the sky trains and Central City Mall, but it’s kind of tucked away at a good location and the price point is pretty good,” he continues, adding that Adera is “a reputable developer” that’s “building a good product.”
For a chance of winning a $500 gift card to the Vancouver Marriott Hotel from ipresalecondos.com, fill in the form below.