Did you know you could earn back a significant portion of your realtors commission when buying a presale home? Let me share the story of how a good friend of mine saved $5400 by using this strategy – and how you can too.
How my friend saved $5400 on a Presale Condo in Port Moody
The Background
My friend had been living in England for 10 years, pursuing a successful career in engineering. When he decided to move back to Port Moody with his wife and two kids, he was excited to settle down near friends and family. But the excitement quickly turned into shock.
During his time abroad, the housing market in Port Moody had exploded. Prices had skyrocketed, and what was once attainable now felt completely out of reach. The thought of buying a home in the city they loved seemed impossible, adding a lot of stress to their return.
The Challenge
With two kids to think about, they needed a family-friendly home close to schools, friends, and work. After exploring the market, they quickly realized that their options were limited. Resale homes in their price range needed major renovations or weren’t in the right location.
That’s when they started looking into presale properties. Presales offered a glimmer of hope—they could lock in a home at today’s prices with just a small deposit, giving them time to save for the full down payment.
The Solution
After some research, they found the perfect presale opportunity: a 3-bedroom condo at Portwood by Edgar Development. It was brand new, covered by the 2-5-10 home warranty, and located in the heart of Port Moody. The condo checked all their boxes:
• Spacious enough for their growing family.
• Conveniently close to friends, schools, and local amenities.
• Brand new, so they wouldn’t have to worry about costly repairs or renovations.
They visited the showroom, toured the floorplans, and chose their ideal unit. But before signing anything, they decided to think it over—and that’s when a friend recommended they work with me and check out CommissionSplit.ca.
How CommissionSplit.ca Helped
Through CommissionSplit.ca, I showed them how they could earn 30% back on the realtor’s commission paid by the developer. This would not only save them money but also ensure they had professional representation during the process.
Here’s how it worked for them:
• The condo’s purchase price was $900,000.
• The developer paid a 2% commission to me, their realtor, totaling $18,000.
• Through CommissionSplit.ca, they received 30% of that commission back—a rebate of $5,400!
This rebate was a game-changer for their family. It allowed them to furnish their new home without dipping into their savings, making the transition even smoother.
The Results
Not only did they save thousands with the rebate, but they also benefited from having a realtor who could guide them through the fine print of the presale contract. I helped them understand critical details like:
• Outside Dates: The latest date by which the developer must complete the building.
• Assignment Fees: The cost of transferring ownership if they decided to sell the contract before completion.
With everything in place, they felt confident about their purchase and excited for their future home in Port Moody.
Frequently Asked Questions (FAQ’s)
1. What is a realtor commission rebate?
A realtor commission rebate is when a realtor shares a portion of their commission with the buyer. For example, with CommissionSplit.ca, buyers of presale homes can receive 30% of the realtor’s commission back as a rebate.
2. How does a presale purchase work?
A presale home is purchased before construction is completed. This allows buyers to:
• Secure a property with a small initial deposit (often 5–10%).
• Pay the remaining down payment closer to the completion date, giving them time to save.
3. Why should I use a realtor for a presale purchase?
Realtors offer expert representation, helping buyers navigate:
• Complex contracts with clauses like “outside dates.”
• Hidden fees, such as assignment costs.
• Important warranty details like the 2-5-10 home warranty.
4. How much can I save with CommissionSplit.ca?
Savings vary depending on the property price. For example:
• On a $900,000 presale condo, the developer would pay a 2% realtor commission ($18,000).
• With CommissionSplit.ca, buyers receive 30% of that commission—a $5,400 rebate.
Use the CommissionSplit tab on the website to calculate your potential savings.
5. Are presale homes covered under warranty?
Yes! In BC, all newly built homes are covered under the 2-5-10 warranty, which includes:
• 2 years for materials and labor.
• 5 years for building envelope protection.
• 10 years for structural defects.
Here’s the conclusion for you to copy and paste:
Are you considering buying a presale condo in Port Moody or anywhere in BC? Don’t leave money on the table. With CommissionSplit.ca, you can earn back a significant portion of the realtor’s commission while getting expert guidance throughout the process.
Visit the CommissionSplit tab on the website to calculate your savings, or contact me today to learn how you can save thousands on your next home purchase!