Be Careful When Comparing Floor Plans: Avoid Overpaying for Pre-Sale Condos

Understanding the Price Difference Let's start with the first unit: a one-bedroom, one-bathroom condo with a walk-in closet, an L-shaped kitchen, and a large 124-square-foot balcony. It's a well-designed space priced at $474,000, which comes out to roughly $920 per square foot. Given the location and the developer, this seems like a solid investment with good potential for appreciation. Now, let's look at the second unit, which the developer is marketing as a junior two-bedroom. Despite this label, it is the exact same size—547 square feet —yet priced at $579,900. The only real difference? The layout has been slightly altered to include a small second room without a window, eliminating the walk-in closet for the primary bedroom and replacing it with a smaller one. Here's the catch: that extra "bedroom" doesn't meet the MLS requirements for a true two-bedroom unit because it has no window. This means that when it comes time to resell, you're unlikely to find a buyer willing to pay a premium for what is essentially the same square footage as a one-bedroom unit. Why Paying a Premium Doesn't Pay Off Developers use creative marketing techniques to justify a higher price, but in reality, you are not getting more value. Here's why overpaying for a "junior two-bedroom" doesn't make sense: 1. You Won't Recover the Extra Cost The person who buys the one-bedroom unit at $474,000 is likely to see appreciation over time, while the buyer who pays $105,000 more for the junior two-bedroom will struggle to recoup that premium. Even if the unit can generate slightly more rent, it won't be enough to justify the inflated purchase price. 2. Appraisal Issues Will Hurt Your Investment Many investors who overpay for pre-sale condos are shocked when their units appraise for less than what they paid. If your unit is valued at, say, $1,100 per square foot instead of the $1,250 you paid , you'll have to cover the difference at closing—a significant financial burden. 3. Future Resale Will Be Challenging When you eventually list the unit for sale, the MLS will categorize it as a one-bedroom plus den, not a true two-bedroom. Buyers searching for a two-bedroom condo won't even see your listing, and those who do will compare it against larger, more functional two-bedroom units. This…

This article is part of the PresaleProperties.com BC real estate guide library. It is intended for buyers comparing presale condos, townhomes, assignments, deposits, completion timelines, neighbourhoods and developer incentives across Metro Vancouver and the Fraser Valley.

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