Whistler is known for its incredible properties and often competitive real estate marketplace. Inventory in Whistler is limited and unless you are buying land to build on, brand-new properties are a rarity, so it’s always exciting when there is a new development in the area.
Buying a development property means that you are purchasing a home “off-plan”, and that it has not yet been built.
As with any property investment there are pros and cons to choosing a development property over an existing one. We spoke to our Realtors to find out more:
Peace of Mind
When buying a development property your home usually comes with a warranty and guarantees from the developer with regard to any defects or deviations from the original plans. This means that you have peace of mind that you will not have any unforeseen expenses once you move in and start living in the property.
You can also be sure that for the first few years there will be little to no maintenance required, so you can just relax and enjoy your home!
Buying a development property can actually save you money as you avoid paying transfer duty on the property and transaction costs are paid by the developer. In most cases you are also covered as a consumer, unlike when buying from a private seller. This provides more protection and imposes a greater responsibility on the developers.
Another major financial incentive for buyers is the potential for capital gains. As a buyer you will purchase the property before it is built at today’s price and, with a rising market, your property could be worth more than you paid for it by the time it is completed.
A Modern Home
Development properties provide the opportunity to own something very rare in Whistler, a brand-new home! Your property will be finished with top of the line, modern fittings, and will benefit from the latest technology.
Aside from looking incredible, this means that your home will be more energy efficient as well as benefiting from things like wiring for high speed internet, alarm systems and sound proofing.
The Plans vs The Build
When purchasing a development property you are typically shown an artist’s rendition or rendering of what the property will look like. However, the finished product may look somewhat different. It is important to stay up to date and monitor the progress of your unit closely as the build progresses, this way there will be no surprises when you move in.
This applies to the fixtures and fittings as well – make sure that your contract specifies what you will get and be aware of any clauses that may allow the developer to use cheaper substitutes.
You should also be aware of any building plans in the surrounding area. For example, if your property is sold marketing a specific view or neighbouring land, make sure that there will be no future developments in the area that could affect this.
Trusting the Developer
Before you make your decision carry out as much research as possible. This includes researching the area, looking over the contract, and researching the developer. Your Realtor will also be able to help you and advise you on the developer’s reputation.
The best advice we can give you is to buy from an established developer with a proven track record. Find out what other projects they have already completed and check them out, as well as looking for any bad press they may have.
If you have any questions about purchasing a development property, get in touch with one of our Realtors. You can also find out more information about up and coming developments in Whistler HERE.