There are some pros and cons to buying a preconstruction condo in Toronto. First, they are often more energy-efficient than a traditional single-family home. Second, you can see prototypes of the interior before you buy. Finally, you have a cooling-off period. While it can be daunting to buy a condo while it’s still under construction, it is well worth the risk.
Pre-Construction condos are more energy efficient than a traditional single-family home:
A pre-construction condominium is one in which you purchase the unit before it’s built. You can also choose a unit during construction, allowing you to customize its features. You can choose from studio, one, and two-bedroom floor plans, among other options. Moreover, pre-construction condos are often more energy efficient than a traditional single-family homes.
They are a great way to get started in the real estate market:
Purchasing a pre-construction condo is a very sensible option for a first-time homebuyer, and it can make an excellent passive investment. It can also make it easier for you to choose the developer and location of your new home. Many investors prefer pre-construction condos over other types of real estate because they allow you to choose the type of amenities you want.
They are a hands-on experience:
Buying pre-construction condos is like getting a preview of your future home before it’s completed. These homes are often a dream investment as you’ll get to see floor plans, renderings, and blueprints of the unit. The advantage of purchasing a pre-construction condo is that you have a say in the design of your building, as you can see the project from many angles. Additionally, pre-construction condos often come with a discount, especially if you’re financing the construction yourself.
They have a cooling-off period:
Before committing to buy a pre-construction condo, you should take advantage of a cooling-off period. Unlike with a traditional sales contract, you have ten days to rethink your decision. During that time, you can get your finances in order and review the purchase agreement. If you decide that you’re not happy with the property, you can even ask for a full refund.
The cooling-off period is not available for all home purchases, but pre-construction condos do. A real estate lawyer can help you get the most out of this period by analyzing your contract and identifying any terms that don’t agree with your needs. For example, they can make sure development levies are capped, that you can rent your unit while it is under construction, and that you have all the financing in place.