Pre-sale condo buyers: "we're not getting what we paid for"

I read the following article from News 1130 the other day & found it interesting. I've heard different numbers, but there's a rule where for every complaint received, there's 100-200 similar concerns that are never expressed...I first heard this when I was writing a letter to the local MP. I wonder how many people are truly feeling that they did not get what they paid for. Some of these home owners are just moving into their new homes after waiting years for it to be constructed! Will they justify the small space with the amount they've saved from purchasing it at the pre-sale vs. the increased current market price? If they had to do it over, will they use a real estate salesperson next time or the developer's sales staff?

I love this analogy...do you use the same lawyer in court as the other party? Wouldn't you want someone working for YOU exclusively? New or re-sale, the sales commissions have already been calculated & included as a percentage of the selling price; it does not vary depending on the number of agents involved in the transaction. What this means is that it doesn't cost the buyer any more to use their own real estate salesperson who is looking out for their best interest, not the developer's. So I don't understand why more people aren't taking advantage of this. Do we need to educate the public? Do we need to fostering better working relationships with developers? What do you think?

Here's the article for those who haven't seen it:

"VANCOUVER (NEWS1130) - Some new condo owners in BC are complaining they aren't getting what they paid for. The problem here is with pre-sale developments where the display suite doesn't necessarily identically match the condo that's purchased.

Developers hire the best marketing staff for pre-sales who know how to make a tiny one bedroom condo look like a palace. Jay Mitchell with the Financial Institutions Commission of BC says consumers should take an expert along with them when viewing a potential home. "When they go into a pre-sale presentation centre, they [should] first of all realize that the individual selling is working for the developer. So they should have someone with them, a real estate agent, to represent them in the negotiations."

Mitchell says British Columbians have a 7 day grace period after signing a purchase agreement, more than enough time to get a lawyer to go over the document with a fine toothed comb. If you're on the market for a pre-sale condo, it's buyer beware.

For more helpful tips for condo buyers log on to www.fic.gov.bc.ca or phone 604-953-5200."

Friday, January 11 - 10:24:08 AM Lyle Fisher