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3 Main Pitfalls of Buying a Pre-Construction Condo in Toronto?

  • The biggest concern is that construction can be delayed multiple times. This means that you need solid living arrangements until you get the keys to your unit. If you can stay with your parents, this might not be an issue. I lived with my parents for quite some time while waiting for my latest pre-construction condo to be finished. It was brutal, but it allowed me to save money. If you’re renting a place, you might find yourself in a sticky situation during a delay. (from an investor’s point of view, this could be a pro since the later the occupancy the better the return) 
  • You also don’t have any idea what your expenses are going to be like. The maintenance fees and property taxes will change by the time you get the keys to your unit. This could totally throw off your budget. Imagine budgeting for maintenance fees of $200 and then finding out that they now cost you $400. That’s a serious dent in your monthly cash flow. 
  • You also have to deal with living in a construction zone. When you first get the keys to your unit (depending on your floor), there might be plenty of work still going on. For example, my current unit still needs a door for the closet. The hallways and general amenities still aren’t fully operational either. It’s not the end of the world. Just something to consider before you buy. 

At Home Leader, we pride ourselves in being specialists in resale and pre-construction condos for the past two decades. Use our FREE services and we guarantee you’ll like the result and you will join the pool of our happy clients.

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