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Good video on why you shouldn't buy pre-sale |
Pretty stupid to say that definitively. I bought presale and couldn't be happier. My place is nice, the value increased probably 100k before I walked through the door, and after a year of living there we have had zero issues. Don't buy a piece of shit condo from a piece of shit builder. |
Pre-sales are almost the only way to get value anymore |
yea pre-sales are a sure way to get value and also make a decent investment. Like westopher said, just buy from a reputable developer and not some new shady one and will be fine. |
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/useless thread contribution |
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As I mention I earlier lucky for me most of the stuff are fixed expect a few minor details. I mean to us it could be serious issue but to the developers/contractors those stuff are so tiny when compare to the whole building they might even care. With pre-sale you don't have to pay all of it up front. Is more like 5% then 5% then 10% (or something like that). So it might be easier to people to save up for a down payment. Also I wouldn't worry about who my neighbor will be. With apartments these days, just expect 90% to be rented out and people will treat public areas like shit (see my other thread how some people keep parking at my parking space). |
How do you guys go about finding reputable developers? Are there any forums where I can read about people's experience's with their properties/developers? I spoke with an inspector a while back and he told me that 80-90% of developers out there have major build issues like the one mentioned in the video, not sure how valid that statement was though |
The majority of the big builders who've been around for a while are fine. Bosa, Onni, metro-can, Urban one, etc. There is a huge difference between mechanical/electrical/build problems than with finishing details. Doors jamming, nail pops, flex in floor etc. are almost accepted these days because builds go so fast builders rarely have time to go back after a unit has been sitting prior to turn over. Things settle, moisture evaporates, caulking cracks, etc. Just because people have a mindset that they paid X amount their unit should be absolutely perfect isn't the reality. It's kind of a funny switch of roles in most cases because developers and builders obviously spend the most time going over their most expensive units with a fine tooth comb to make sure they are perfect, when in most cases the people buying the high end units seemingly don't give a shit about the small imperfections that the people buying the lower end units do |
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Outside of people who build a handful of custom homes a year, -everyone- contracts out almost all their work. Companies like Concorde, bosa etc. have thousands of employees and it's still nearly impossible to not contract out everything. It's the nature of construction and has been forever really. Saying somthing was "contracted out" means nothing. |
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thats like asking what used car dealership you should buy from. I wouldnt personally vouch for any of these developers since its a numbers game and you dont know if tradesman are licensed or came to work sober that day. Gotta ask your friends and don't feel pressured into buying a presale. Make sure it meets all your criteria since you're the one getting first dibs. Concorde, Bosa and Concert are some names I heard were "reputable" |
^^ This, low price will get the contract regardless. Developers are cheap, they want there development built for the lowest price possible. Quality is a huge issue, there has been a shift from the subcontractors point of view as well. I know speaking from my perspective we now have people that do nothing but quality control for our work, they go suite to suite inspecting all our work and signing it off when it's complete and having it fixed where it's not done right. This is something somewhat new, it used to be handled by the general but the large ones are nothing more then paper pushers now. They have almost no skilled labour on the job, it's all pushed off to subs including the items that traditionally used to be done by the GC. You can have a terrible relationship with the GC, hate each other by the end of the job end up in court and it won't matter because if you're low bidder on the next project you'll get the job. Tower work is such BS, margins are slimmer then slim I'd be very happy if we never did another tower or hotel again unfortunately like the developers the guy who owns the company I work for is also greedy. Bosa uses mostly Bosa contractors, they have family members that own companies that do almost every subtrade. As an outside Sub you don't want a Bosa or Axiom project because if you get it it's probably because you fucked up your bid so bad that the Bosa companies can't touch your price. They'll gladly let you do there project at a loss. |
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they can't go back after turn-over? Rarely have time is a sad, sad excuse. Can you imagine getting dental work done and when you go back with non-major issues and they tell you things settle, bonding crack, etc etc? Most put their entire life savings at their home, they should be able to get a place that is without faults within the first 5 years minimum. |
Ahhh boy should be interesting as I'm expecting a call for walk through inspection within the next 2 months. Hondaracer thanks in advance for that sheet you did up last year, I got it saved and should be helpful. I'm really not sure what mindset I'm going to take going in. Anal as fuck or somewhere in the middle. I've heard all the different stories on both ends and you just never know. I've had some friends bring up something that wasn't exactly a "huge" issue but was an issue none the less and it turned into a much bigger issue when they tried to fix it because they fucked it up even more and eventually took multiple tries and headaches before getting it right. It's like I should have just left it in the first place lol. I have a feeling if things are generally "ok" I will likely let go of certain things. Stuff like caulk jobs, shit I guarantee my brother in law can do a better job than any person they send so things like that I'd probably be fuck it I'm fixing it myself. Crossing fingers! |
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A downside of more supply: shoddy workmanship. Am I out to lunch in thinking that housing stock from 1990s to early 2000s is probably the best bet in terms of used housing? - No asbestos - Modern electrical - Rainscreening - No PB plumbing - Old fashioned gas and forced air heating - Plywood sheathing, plywood subfloors, etc - Sufficient concrete between floors and suites - Since the economy was slow, there was probably time to do the construction right |
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My house was built in 71 and everything is well constructed, no Asbestos, copper plumbing, copper electrical, old growth trees used for the frame and exterior wall. Those were the houses that were made right but need renos now due to the age. Worst part for that year of course is the single ain alum windows. |
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https://drive.google.com/file/d/0B0e...ew?usp=sharing Mr.HappySilp - Likely depending on what day it's being done up to 5 people including myself. My brother in law being the major expert as he builds houses and does all the trades for a living. Then my father in law and possibly also father plus myself as the mid level guys and the wife for the super picky and complain about everything person. I think we're covered lol. |
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Good to know for our next home purchase. |
Winson thanks for uploading it again I've been meaning to for a while now lol |
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Whats wrong with pb plumbing? Supposed to be better than copper. Quote:
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