- The biggest benefit to purchasing a pre-construction condo is time. You have the time to save up and possibly even take some risks. Once you’re locked into a mortgage, it’s tougher to take some risks. With a pre-construction condo, you typically have a payment schedule. You won’t have to worry about paying the final 5% until you get the keys. This gives you time to get your finances to where you want them to be.
- The other benefit is the potential appreciation of the property. This isn’t always the case, but the value of the condo home should increase by the time you get the keys. You simply bought a drawing. The goal is to try to negotiate and get as much of a discount as possible when buying the place. For example, I was able to get a parking space for $35,000. These days if you want a parking spot, it’s going to cost up to $70,000 or more in Toronto.
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.