Real Estate Presales: Benefits and Risks. Irving Escalante Castillo

Real Estate Presales: Benefits and Risks. Irving Escalante Castillo

Everyday we see on social networks, specialized magazines, printed brochures, and billboards, the advertising of dozens of real estate developments that invite us to buy the house or apartment of our dreams. Images that undoubtedly make us daydream and open up the possibilities of making them come true.

However, many of them come with a label that says "PRESALE” and a future date of completion.

TIP-IRVING. In real estate developments, pre-sale is an essential source of financing, and these attractive monetary incentives and services must be offered to buyers.

Presale in real estate is buying a property before the project is built. This concept of investment or sale pushed by the force of an advertising campaign seeks for the developers to finance a large part of the project with the money of early buyers who in return obtain lower prices and payment facilities with the expectation that when the project is completed, the prices of finished works allow them to earn a margin concerning the sale prices.

A good real estate advisor will tell you about the benefits of pre-sale, the real market value of the project, and the capital gain, and the most important thing is that he will surely ask you questions to learn more about your buyer profile. Like any investment, the pre-sale has risks since it is a project that has not been physically executed, so you have every right to know in depth the commitments that are acquired by you and by the developer, which must be reflected in a contract.

These are some questions you should ask to make better decisions and not get carried away by the excitement of looking at the model, the render, or the sample house.

1.- Who is the Developer and what is their experience in the market?
2.- Request all the project information: contracts, related expenses, maintenance fees, delivery time, and penalties.
3.- Have the characteristics of the delivery in writing: black work, gray work, white work, finishes, fences, sidewalks, and urbanization.
4.- What amenities does the development have upon delivery, conditions for delivery, parking, rights and access, additional fees, etc.
5.- What are the details of the deed process once you have settled?

It is recommended that before making a decision you see at least 5 options and put in perspective your reality the needs that you would have to solve in the short, medium, and long terms. Does it have schools, shopping malls, hospitals, roads, or security?

by Irving Alberto Escalante Castillo


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