Tue. Oct 4th, 2022
What Benefits You Can Enjoy By Buying A Pre-Construction Condo

Before making a purchase, you may wonder what benefits you can enjoy by buying a Toronto pre construction condo. These advantages include location, cost, and the cooling-off period. Read on to discover more. Also, check out the size of the unit and the other amenities in the community. Then, decide whether you want a unit near a shopping mall or a school. After you have decided on a location, determine whether you will need other amenities for your comfort.

You have a variety of choices:

There are many advantages to buying a pre-construction condo, from its price to its location. When purchasing a pre-construction condo, you have a variety of choices, including the size and layout of the unit and the type of flooring and finishes. Additionally, most new developments come with warranties that cover the entire construction process, from one to seven years. Additionally, new condos are often located in high-demand locations. Additionally, a pre-construction condo is more affordable than an existing condo, which makes it a great option for first-time buyers. The key is to research the location and any additional development plans that are in place for the building.

You have a ten-day cooling-off period:

While it is true that you can still walk away from a pre-construction condo if you change your mind, you do have a limited window of time to cancel the transaction. The Ontario Condominium Act gives you ten days after signing the purchase agreement to think about the purchase. A real estate lawyer can help you review the contract for any unfavorable terms. In particular, you can ask a lawyer to review the terms related to development levies and the ability of the unit to be rented during the occupancy period.

A good way to secure the location you want:

Purchasing a pre-construction condo unit has several advantages over buying a completed one. Buying pre-construction condos are a good way to secure the location you want, lock in the current market value, and save more money. Pre-construction condos are often priced higher than their completed counterparts. In addition, the units are not yet move-in ready, so they can be difficult to sell. However, the benefits of buying pre-construction units can outweigh the disadvantages.

By Megan