Top 5 Benefits Of Purchasing A Pre-Construction Condo
Owning real estate doesn’t just give you your own space to call home, it’s also a smart investment. Why not consider condo living as your first real estate venture? Condo sales are at an all time high here in the Toronto area and buying pre-construction is a great way for first-time buyers and investors to break into the real estate market.
What is Pre-Construction?
A pre-sale condo is property that you buy before building has been completed. You’ll own your new home before you’ve even moved in. After putting down your initial deposit, you can expect your move-in date to be about two to five years after the first sales of the condo have begun.
Here are the 5 top benefits, perks, and what you need to know about buying a pre-construction condo:
1. First-Time Buyers
For many first-time buyers, purchasing a single-family home is out of reach. Buying a pre-constructed condo is a great way to buy your first home and break into the real estate market. Pre-sale condos are also a good investment – when you’re ready to sell, the demand for resale condos in a desirable urban location means a quick sale with the potential for considerable profit.
2. Time to Save for Deposit
One of the biggest benefits of buying a pre-construction condo is that the deposit you need to pay is set up as per a payment structure. This means that you’ll have time to save up for the full deposit over a period of time, giving you the opportunity to plan and get your finances in order.
3. Cooling Off Period
Ontario has what’s called a “10-day cooling off period.” During these 10 days you’ll be able to take a closer look at the buying information and pre-approval for financing with your financial advisor and lawyer. If for any reason you decide not to go through with your pre-construction purchase you can back out of the contract with the seller, with a full return of your deposit.
4. Customize Your Style
As the first owner of a new condo, you’ll have a lot of say in customizing to your own style. Most pre-construction listings let you have a choice when it comes to building features. Some of the options you’ll be able to customize include appliances, kitchen cabinets and countertops, flooring, and the colour scheme. You’ll be able to have a hand in designing a living space that fits into your lifestyle.
5. Property Appreciation
When buying any real estate, the goal is that your property appreciates over time. When you buy a new condo, by the time you move in, the value of your property should have increased. As your condo is being built the demand for property in the Toronto area is on the rise, putting your investment above the market value. This puts you in a good position to profit from the rising real estate market before you even move in.
To learn more about the benefits of buying a pre-construction condo in Toronto and the surrounding area, contact Parkhomenko.