Pre Construction Condos Toronto & New Homes

Pre-construction condos in Toronto are a hot commodity and a trend that more and more people are looking into. However, due to the many disadvantages and pitfalls a consumer may face when attempting to make this purchase or investment on their own, it is wise to hire a real estate agent.

One of the first things you have to realize is that the sales team for the building works for the builder – no one else. This is where their loyalty lies. These individuals have no interest in ensuring a buyers or investors interests are protected or in getting you the best deal, or best location, in a particular building.

When you find and hire your own real estate agent, you have the advantages offered by comparative shopping, as well as the individuals specialized knowledge of these rather complicated transactions. In many cases, this will help you save both financial and legal issues and surprises later on. The same holds true for pre-construction homes.


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Benefits of Purchasing Pre-Construction Property

The primary advantage of purchasing pre-construction condos, townhomes, or homes is to lock it in at a lower price than what the property is going to be worth after the building is finished, two to four years after the launch of sales. Some of the specific benefits of jumping on the pre-construction bandwagon can be found here.

Get in at the Very Beginning

When you make your purchase during the first few weeks of the project’s launch, it allows you to access the absolutes lowest price for your townhome, condo, or home. To understand why this is so beneficial, you have to understand how sales teams and developers strategize. A general rule of thumb is that there are four stages of price increases (with some projects having more than that). Once a certain percentage of the building has been sold, for example 20 to 25 percent, the first stage of increases in price goes into effect. Each of the price increases is usually five to 15 percent. This is why so many people opt to purchase during the pre-construction phase.


You are Investing in the Most Advanced Building Technology and the Newest Finishes Available

There is no question that older buildings show wear and tear after about 10 years. When you purchase pre-construction townhomes in Toronto, you will be the very first person to own and actually live in the unit. Also, you will have all new finishes in the space. Rather than purchasing something for a cheap price and putting tons of money into the remodel, you can purchase a condo or townhome with the latest and greatest of everything. In fact, many of the projects going on in Toronto right now include smart building technology, which allows you to control your entertainment systems, lighting, thermostats and more all from their tablets or smartphones.

You Get First Pick

When you purchase pre-construction townhomes in Toronto you have first pick of all the residences units available. The majority of condo or townhome units has different rows and lines of residences that face various directions. Most waterfront projects, for example, typically try to maximize the water views by angling the balconies to provide some lines with partial water views. When you purchase pre-construction, you will have first pick of the most sought-after lines, such as a unit on a top floor with an unobstructed view of the water.


What to Avoid when Purchasing Pre-Construction Property

While the above information represents a number of advantages offered by purchasing pre-construction property in Toronto, there are still a few things to keep in mind to ensure you don’t make the wrong investment. These include:

✓Always purchase your pre-construction property from a developer with a positive track record. Every property we offer on our site has been vetted, so you can feel confident when purchasing one of the pre-construction townhomes, condos, or homes on our site.

✓Never invest in a pre-construction property to flip it right away. Today, the majority of developers require at least 50 percent down prior to selling a unit, this means you won’t be able to make any sort of profit if this is your intention.

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Why Work with a Real Estate Agent when Purchasing Pre-Construction Property

You may think you can go at this purchase alone. However, this is usually not ever a good idea. As mentioned before, the process of finding and purchasing pre-construction property can be complicated and if you don’t have previous experience, you may make a huge mistake. Some of the other reasons it is best to work with a real estate agent when purchasing pre-construction property include:

✓They can guide you through the 10 day cooling off period.

✓They can negotiate the purchase agreement to ensure it is in your best interest.

✓Your real estate agent will know how to read the building plans, which is important in regard to where elevators, parking space, and other amenities are located in relation to the unit you are considering.

✓The real estate agent will have a good, general understanding of the area and if any new developments may interfere with your views down the road.


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Making a Smart Investment that Pays Off

There is absolutely no question that purchasing pre-construction real estate is a smart investment. However, it is important that you know what to do and how to do it prior to getting started. Learning about the benefits, potential drawbacks, and even why to work with our team can help you make the best possible investment for your future.

We offer a wide array of property options in Toronto that are currently under construction or going to be started very soon. We can help you find the option that best suits your needs and budget. When purchasing pre-construction condos, townhomes, or homes in Toronto, be sure to contact us to make sure you are fully informed about what to do to get the best deal possible.

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