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Buying Recreational Property

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With the warmer weather approaching, recreational properties are starting to get some attention. I am starting to get some inquiries about properties located in popular areas like Cultus Lake. These properties are not cheap, so if you are thinking of buying there consider all the aspects of purchasing a vacation property since they do come with both positive and negative aspects.


When choosing a property think about your long-term plans, and use that information to help you evaluate different properties. Consider why you want to own a property, and how long you want to have it. For example, do you want to be able to pass it down to your kids? This will help you take a long-term approach in evaluating different properties and finding the right one to best fit your needs.


If you are curious what Cultus Lake has to offer here are some of the properties near the lake http://goo.gl/6mVJf
Here are a couple of my favorites http://goo.gl/xo6O5


If you have any questions or would like to discuss this, please contact me.

Kind Regards,

Tibor Bogdan

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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
 
Kind regards,
 
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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