5 Ways Pre-Construction Condos are Better Than Resale Condos
Do you know buyers have lots of benefits on their side when choosing pre-construction condos over resale condominiums? Understand how investing in a condo under construction makes a smart decision. Also, learn how it can help you make money.
After months of frenzied activity, the Greater Toronto Area (GTA) real estate market has experienced an apparent cooling. The region’s condo market, which has been a hot-selling option for the last few years, bounced back in the first quarter of 2021.
As per a recent condo market survey by Urbanisation, the former City of Toronto sold over 2,800 units in the first quarter. In the Greater Toronto Area, the new condo sales totalled more than 5,300 units in the same period.
If you’re thinking of investing in a condo, now is the right time. The home selling prices are expected to increase more in the near future. A
pre-construction condo in GTA can be a better option than any other real estate investment option.
How Does Pre-Construction Condo Work for You
Also called new-build condos, pre-construction condominiums are projects under construction. You buy them either before the ground is broken or when they are in the initial development phase. Here, you are given an estimated completion date and the time when you can take the property’s possession.
There are multiple reasons to invest in pre-construction condos, and below are some of them:
When you buy a condo under development, you invest in it at current market prices. After many months or years, when you take possession, the property gains in value. Depending on the market and neighbourhood, the condo price may increase significantly. This increase is an opportunity for you to make money.
Reputed condo development companies in GTA offer flexible down payment options to make investment easier for buyers. For example, the payment schedule can be divided into several instalments which you can pay over many months.
- No Charge for Waiting Period
When your condo is under construction, you don’t have to pay the property tax or fees. The company managing the project takes care of all these charges. Also, if the project’s overall cost increases, you aren’t asked to pay more.
Although the company provides you with information to let you know how your condominium will look after completion, you get to choose the finishes you want to see in your condo. Also, you can make a plan earlier related to upgrades you wish to see in your new condo. While planning upgrades, keep in mind their effects during the resale process.
Unlike traditional condos, modern condominiums are luxury accommodation options that come at a lower price than a big home. From fresh walls to new appliances and shiny floors, you get plenty of amazing things in your condo. Apart from that, several great pre-construction condo projects in GTA offer luxury amenities like gyms, pools, and others to their buyers.
Investing in pre-construction condos is a money-saving and money-making decision. It offers you benefits in the long term. All you need to ensure is that you buy a condo that belongs to a project by a renowned company.