Buying pre construction condos downtown Toronto is a big financial investment. The cost of a condo includes property taxes, mortgage payments, maintenance fees, and closing costs. It’s not something to be taken lightly, so it’s a good idea to do your research before you make a final decision. Here are a few things to consider.
It’s not going to be completed in the short term:
The most important thing to know about preconstruction is that it will not be completed in the short term. Developers will put “best case” scenarios in their marketing materials, but the truth is that the project will likely change. This can occur for a variety of reasons, including inconveniences that are beyond the builder’s control.
Know about myths:
There are also several myths about the preconstruction condo process. First of all, not all condo complexes are created equal. For example, a small builder might be more likely to remove an amenity to make the building viable. On the other hand, a large builder is more likely to keep the amenities in place for years to come.
Visit sales center:
The best way to get an overview of the preconstruction condo process is to visit a sales center. The staff should be able to help you find an affordable condo while answering any questions you may have.
Look for the builder’s reputation and experience:
Aside from the usual suspects, a few other things to look out for include a builder’s experience and reputation. Avoid a builder with a bankruptcy track record or poor customer service. You’ll also want to find a condo close to your work or school. In addition, you’ll want to make sure that the developer has a customer care department.
It is also a good choice if you plan on renting it out:
Buying a pre-construction condo is only for some, but it is ideal for those who need a quick fix and is willing to wait. A preconstruction condo is also a good choice if you plan on renting it out. A preconstruction condo might be just the ticket if you’re looking to purchase a second home. However, if you’re interested in investing in a condominium, it’s important to be aware of the real estate market and the surrounding community before you makes your final decision.
