Buying a Pre Construction Condominium Residence comes with many incredible advantages. Investors and families are buying Pre Construction Condos and it is turning out to be one of the biggest money makers in Toronto Market.
(1) The Price Difference: The Price for Pre-Construction Condos is very low compared to the price when they are built.
(2)Incentives and Discounts: Developers are very keen on giving incentives with the purchase of pre construction Condos. This may include discount on parking, free locker for one year, low assignment fees, free upgrades ( worth upto $10000) and many more. On an average, buyer can save upto $15000 if they buy at pre construction prices
(3) Exclusive Units: A few units of pre-construction condos are available only to few Real Estate Agents. This means that your favorite 42nd storey, with south facing balcony can only be purchased through VIP agent at Pre Construction prices. Otherwise you will have to wait till it goes public, and by that time, chances are it might not be even available anymore.
(4) Time: Most Pre Construction condos are sold atleast a year, sometimes 3-4 years in advance, buyers are saving the hassle of getting all the money put in together rightaway. In most cases you require 5% at registration, 5% in next 10 days, further 5% in 3 months and remaining 5% on possession.