If you’re interested in buying Toronto pre construction condos, you may wonder how to buy them. First, you must understand that presale condos are not tangible properties but contracts for future condos. Because of this, it is important to research the developer and their past projects. You should also consult a realtor.
Pre-sale condos are easier to buy than competing against multiple offers:
You have a few options if you’re looking to buy a Vancouver condo. One of them is to buy pre-construction, which is easier than competing against multiple offers. But there are a few caveats that you should be aware of before making this decision.
They are cheaper:
Pre-sale condos are often cheaper than existing homes because you take on the risk of a developer’s project. Traditionally, developers would wait until the building is complete before selling homes to the public. Buying early in the development process also allows you to customize your unit and lock in a low price. You also have the opportunity to save up for a down payment.
They have predictable costs:
You become a partner in the development process when you buy a pre-sale condominium. As a result, you’re responsible for any costs that may go over budget, as opposed to being a passive investor. In addition, developers typically refrain from discriminating between retail investors and developers during the early stages of development.
They are easier to buy than competing against multiple offers:
Purchasing a presale condo is a great way to buy a home that’s in pristine condition. It’s also a great way to avoid the hassle of competing against multiple offers. Because many units are available simultaneously, the number of bids is much lower, and you’ll only have to negotiate with one sales representative. Plus, these new homes have minimal to no repairs or upgrades to do. You can also enjoy the freedom of renting out your new home, as the strata restrictions for renting out units are often less stringent.
They offer extra parking or storage:
Pre-sale condos often come with additional storage or parking space, which is a bonus. However, many developers sell parking and storage spaces separately. Therefore, it’s important to buy parking and storage spaces together. It’s also helpful to specify the size of your parking space and its proximity to the elevator. You should be able to negotiate with the developer about the size and proximity of the parking spot.