Debunked! 5 Myths About Buying Pre-Construction Condos
Investing in a pre-construction condo is both exciting and daunting. There are several things that may worry you. First, they are not built yet. Second, pre-construction condos in one project can be different from each other in terms of features and amenities. Third, there is a risk of construction delays. However, many things about modern-day pre-construction condominiums are myths.
Living true to its name, a pre-construction condo is an accommodation option still under construction. What makes it a popular choice among modern homebuyers is its ability to be customized as per requirements. Also, a yet-to-be-developed condominium is more cost-effective than one on sale.
Unfortunately, there are numerous myths associated with pre-construction condos that may affect your decision to invest in a condominium. In this article, we’ll debunk them to help you make the right move.
Myth 1: They are Expensive
Since many developers offer condos with lots of luxury amenities, it is believed that a condominium is an expensive accommodation option to invest in.
Truth: Purchasing a condo is a more cost-effective investment than getting a freehold home. Today, when the real estate market is rising and property prices are skyrocketing, condos make a great option, especially for families and first-time buyers.
Myth 2: Construction Delay
The myth has been linked to pre-construction condos since their introduction to the world. As these condominiums are in the development phase when buyers get them, it is said that developers may take longer than the promised time to deliver the project.
Truth: Honestly, the myth is not completely false, and some unreliable developers may cause construction delays. To be on the safe side, buyers need to ensure that they invest only in a reliable builder. Ensure the company behind the project is a reputed name that has been working in the sector for a long time.
Myth 3: A Huge Deposit Fee
People have a hunch that they have to pay a huge amount of money as the deposit fee. It means they give a big chunk of the total price even when the condo is in the development phase.
Truth: The deposit fee depends on the developer. Some companies ask only for 20% of the total price as the deposit fee. In addition, the payment can be spread over many instalments to make it easier for an investor to get their condo.
Myths 4: No Luxury
Many individuals hesitate to invest in a condominium, thinking it is not equipped with luxurious features.
Truth: Modern condominiums make a luxurious accommodation option. From brand new appliances to many floor options and amenities, there are plenty of features that make condos a great investment option.
Myths 5: No Idea About Final Results
It is believed that condo buyers don’t know what they get as the final result.
Truth: In reality, buyers are provided with the idea of what the outcome will be. In addition to the structure, they are told about amenities, appliances, and other facilities in their condo.
In the End
Pre-construction condos are an inexpensive and smart investment option. It gives you an opportunity to have your brand new home without investing too much in it. Also, you get the freedom to customize your condo as per your requirements.