Tips on Buying a Condo during Pre-Construction

If you are in the market for a new condo you will want to put a lot of time and effort into finding the best deal available. This includes looking at Toronto condos under construction. This can be beneficial simply because the price of a condo increases after it is already built. Pre-construction condos can still be built with all of the amenities and luxuries that are desired. However, while it is still in the pre-construction phase, you have the choice of upgrading or downgrading options that have not already been installed. This gives you the ability to find the best value for your investment.

Worth the Effort

Purchasing a pre-construction condo is worth the effort it takes to find a good builder. There may be a delay in building here or there, but it is worth it in the long run. It is expected that a down payment is made which can be determined by talking to the project manager and builder. If the purchase of a pre-construction condo is for rentals, more than one condo purchased at a time could be the best option as far as funding is concerned.

Important Pre-construction Tips

The reputation of the builder and or developer is one of the most important factors when buying a condo currently under construction. If you are unsure about how to find out about a builder’s reputation, contact local homebuilders and browse the JD Power and Associates Builder Survey. Make sure to check out the area in which the condo is being built. What will it be like in two to three years? Is the area going to be flooded with other units around the time the unit you wish to purchase is going to be finished? All of these questions are also hinged on what your financial situation is once the condo is completed, as well.

Purchase Pre-construction Condos Early

When purchasing condos under construction, you should consider doing so during the early stages. This offers buyers a wider selection of floor plans in which to choose. The positive point is that you can often make changes to the unit while it is still in its construction phase and differentiate it from the others. Changes like this are usually less expensive during construction rather than being a renovation later.

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