Value for Money: Reasons to Buy a Pre-Construction Condo in Langford BC
If you are not in a big hurry to move, there are some excellent reasons to consider buying a pre-construction condo. Here are the five most important reasons according to our customers:
At Triple Crown Condos in Langford, you need only leave us a 5 per cent deposit to secure your purchase. This deposit becomes part of your down-payment when the building is completed (scheduled for December 2020). That gives you over a year to save more money towards a larger down payment thereby paying a lower monthly mortgage after you move in. That’s a real incentive to save money.
This is especially beneficial to those who would be able to go from a CMHC insured high-ratio borrower (down payment of less than 20%) to a low-ratio borrower (down payment of 20% or greater). This can save thousands of dollars in mortgage insurance premiums.
Our pre-sale condos come with a 2-5-10-year New Home Warranty: Two years on labour and materials (some limits apply)’ five years on the building envelope, including water penetration; and 10 years on the structure. Your new appliances also have a manufacturer’s warranty.
As an owner of everything new, it means for years to come, you will have minimal maintenance costs or unforeseen and expensive special assessments or levies for building repairs.
Property Transfer Tax
When you purchase a resale home you are subject to property transfer tax (exemptions apply through programs such as the first-time home buyers’ program). With a pre-sale home, you are exempt from paying property transfer tax if the purchase price is under $750,000.
We provide you with a seven-day right of rescission period. This is a seven-day period from the time of an accepted contract that allows you to read the disclosure statements and complete your due diligence before committing legally to the purchase.
Living in a brand-new condominium means little thought or energy needs to go towards maintaining your home, and our location in Langford gives you access to any amenity you want and need.
There are more reasons, but these are the five biggest ones our clients tell us. If you want more details about Triple Crown’s Residence II in Langford, get in touch with us.