There is no doubt that pre-construction condos have become an extremely popular form of investing with thousands of new condos being sold every year. The demand for the best projects is huge, especially where investors think they can get the best returns.
Buying a pre-construction condo means you will get a brand new home. There is actually something pristine and refreshing about purchasing a pre-construction condo and knowing that you will be the first person to ever live in it.
There are several truly great advantages associated with buying a pre-construction condo. The following are some of them:
The greatest advantage to purchasing a pre-construction condo is time. It allows you time to do the saving and probably take certain risks. This is something you cannot do the moment you get yourself locked up in a mortgage as it becomes harder to take some risks. When it comes to pre-construction condos, you normally have a payment schedule. Actually, you will not have worries about clearing the final 5% before you are handed the keys. As such, you will have ample time to put your finances where you want. Although your financial state may not be great at the moment, by the time the condos are ready for financing your finances should be in a good shape.
Many builders for condominiums and homes allow the buyers to select from several different materials in order to tailor the look and feel of their future home. This includes flooring, countertops, and external furnishes. There are some instances when even floor plan changes can be made, thereby making the designing of your dream home much easier.
Resale condos offer very few customization options. This means that you will have to take the condominium as-is. In many cases, there is little room for either improvement or upgrades. Old plumbing is often expensive to replace. In fact, it can be incompatible with the type of appliances and upgrades you would like to install. Also, improvements and upgrades can be very costly.
New condominium must meet all the requirements, meaning they must be up to code. The buyer will spend less time and energy renovating. Besides, they are usually outfitted with the latest appliances.
Managing several condos is a passive can be done with very few man hours as it is actually a passive form of investing.
Generally, new condos need less maintenance. As a matter of fact, if the builder has done a proper job, there will hardly be any need for repairs and upgrades. Buying a resale condominium comes with numerous hidden costs. Often, there are repairs that have to be made the moment you move in because not all homes are actually up to code.
Appreciation of the Property
Another advantage is the possible appreciation of the property. When buying pre-construction condo, you merely buy a drawing. The objective is to try to negotiate in order to get the best discount possible. The value of the condominium should go up by the time you finally get the keys.
If you have been planning to buy property, then you should consider owning part of Icona Condos in Vaughan, one of the largest projects in GTA area currently on-going.