Are you considering joining the ranks of pre-construction condo buyers in Toronto? With housing prices on the rise, now may be a great time to invest. Buying a pre-construction home has distinct advantages over buying an existing one, from lower purchase prices to more lenient borrowing requirements to the benefit of watching your investment mature before its completion. In this post, we’ll explore some of the reasons why you should consider purchasing a pre-construction condo in Toronto.
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1. Get a head start on the competition; pre-construction condos sell out fast
Buying condos that are not ready for the residence can be a low-risk investment, offering long-term success in the real estate market. These properties which are still under construction will provide you with an entirely new living experience as soon as they are finished, if you decide to move in.
On the other hand, pre-construction condos offer a tremendous financial opportunity when strategically purchased in Toronto’s market. not only do you have the potential to save thousands of dollars through pre-launch prices and incentives offered by builders and developers, but they can also be instantly sold via assignment should you need quick cash or want to flip the property as an investor.
2. Choose your own finishes and design your perfect home
Buying a pre-construction condo in Toronto is a great way to create your dream home from scratch, from choosing finishes to designing custom built-ins and beyond. You can select exactly what you want for your home, allowing for complete control over the look and feel of the place you will be living in.
In addition, They often offer savings compared to those that are already constructed and on sale, so it’s worth considering if you’re on the hunt for condos for sale in the city. An added bonus of pre-construction condos is that if your plans change down the line, you may even be able to make money through an assignment, i.e., transferring ownership rights of your property to another buyer.
3. Pay lower prices and avoid price hikes that often happen when a building is completed
With unfinished condos, you can purchase them even before construction begins at reduced prices compared to similar units that are already constructed. This way, buyers avoid the inflationary increases in price that often happen when a building is completed. Plus, many of condos come with incentives such as free parking and gym memberships, adding extra value to buyers.
When investing in pre-construction situations, where condos for sale are available directly from developers, contracts of purchase and sale become ‘assignable’, allowing purchasers to secure their units without having lived in them – getting all the benefits of pre-construction pricing without having to wait for the project to be finished first.
4. Live in a brand new building with all the latest amenities
Another great perk of buying those buildings is that you will live in a home that is built recently. You’ll be living in a brand-new building with all the latest amenities, making you among the first to take advantage of any new developments. From modern kitchen appliances to recently updated gyms and relaxing roof-top lounges, pre-construction condo shopping offers potential homeowners the best opportunity to experience true luxury city living.
5. Get more for your money; pre-construction condos are typically larger than those that are already built
Buying a pre-construction condo offers the opportunity to maximize your money. Pre-construction condos in Toronto come in a variety of sizes and are usually larger when compared to existing condos for sale on the market. Not only do they offer you the chance to get more for what you pay, but they also grant flexibility should you need it, with the option to assign pre-construction contracts. Buying pre-construction condos is becoming increasingly popular as more people recognize how beneficial they can be.
Last Word
Investing in a pre-construction condo is a great way to take advantage of Toronto’s booming real estate market. With prices only going up, you’ll be sure to see a return on your investment when you eventually sell. And in the meantime, you’ll have a comfortable place to call home that meets all your needs. So what are you waiting for? Check out the available condos on torontocondohome.net today!