416-925-9191 Tiffany Sly, Sales Representative, Chestnut Park Real Estate Limited, Brokerage

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Just a Couple (More) Reasons Why First-Time Condo Buyers Should Consider Pre-Construction

May
2
2018
Just a Couple (More) Reasons Why First-Time Condo Buyers Should Consider Pre-Construction

In my opinion, pre-construction condos continue to serve an incredibly viable option for first-time homebuyers. Especially in a market where resale options continue to fall out of reach for many.

Here are just a few reasons why:

Pre-construction condos can be a great first-time purchase if you’re looking to save money…

Some developers offer special incentives for first-time buyers. For example, you’re often able to take advantage of early VIP and platinum sales offered through agents. And with lower condo fees on new condominiums compared to resale ones, you can save more in the first decade. Also, on average, pre-construction units provide a better value per square foot over resale units. What’s more, when buying pre-construction, you don’t have to be concerned about bidding wars, which ultimately drive up the price. After all, prices are final. Finally, pre-construction allows you to put down a small percentage initially, thereby giving you plenty more time to save up for the total down payment.

Pre-construction condos can be a great first-time purchase if you are prepared to play the waiting game…

All condo developers will offer an expected completion date. The better the developer’s track record, the better you can count on moving in as close to the projected completion date as possible. That said, before you invest, be sure you’re actually committed to condo living for the next several years. Or, that you have a sound plan to rent it out in the future.

Pre-construction condos can be a great first-time purchase if you understand the potential value of the unit…

Is the building in an up-and-coming location? Is the unit you intend to buy going to come with a great view? How long is the daily work commute going to be? Does the developer have a history of success? These are just some of the indicators that can help you determine whether your investment will grow steadily over time or not. So I advise you to familiarize yourself with what these factors are before you start your search.

Pre-construction condos can be a great first-time purchase if you understand how to read floor plans…

One of the biggest advantages of buying resale is getting to see the unit for yourself. And several people in the past have made mistakes buying pre-construction because they didn’t fully understand how the floor plan would eventually translate into the final product. So, make sure you identify any and all issues like a bedroom without a window, an unsuitable amount of natural light or long hallways that take away from your overall square footage.

 

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©2018 Your friendly Toronto real-estate agent: Tiffany Sly,
Chestnut Park Real Estate Limited, Brokerage,
1300 Yonge Stree, Suite 100. Toronto, Ontario. , M4T 1X3 416.925.9191