What are Pre-Construction Condos?
Pre-construction condos are units that do not yet exist, but there has been a significant level of work done prior to the unit being brought to market. These condos come in various shapes and sizes, depending on your taste. Often times these pre-construction condos will have a special deal or offer discounts because they are still under construction. However, it is important you know what you’re getting into before purchasing one of these units as they can be prone to change depending on the developer’s plans. The Toronto condo market is booming and one of the ways it is experiencing explosive growth, is by having an influx of new condos appear on the market before construction begins. These are called pre construction condos in Toronto or pre-construction buildings, and typically these first unit condo buildings would be sold to investors as “spec” units. You might also hear them referred to as “pre-sale”. Although these units are not yet in existence, they have been marketed and marketed hard.
What is the Purpose of Pre-Construction Condos?
Some developers hold off on their units so they can sell them at a later date. This gives these units less competition, which means you may be able to get more for your money. Another advantage is if you want to move into a new condo, you may be able to move into one of these pre-construction condos and then once it is finished moving in. Pre-construction condos are also great for first time home buyers who are looking at their options. Another advantage is if the pre-construction condo goes on the market after many years, the developer will often offer discounts because it has been taking so long.
There are many questions surrounding prefabricated condos, especially following the housing crisis. In this informative and insightful piece, we will explore what developers want to gain from pre-construction condos and how these apartments can help in the long-term. We will also show what to expect if you decide to sell your expensive condo a few years down the line for an even bigger profit!
With so much information about prefabricated condos and their positives, it is hard to believe there are still people who are against them or skeptical of their effects. If anything, prefabricated condo buildings should be encouraged as they provide convenience for homebuyers who might not have enough time or resources to source materials themselves.
How Do You Find Pre-construction Condos?
You can find out if a pre-construction condo is available by searching online. When you are searching online, look for the words “condo development under construction” or “new condo building under construction.” You may also have to contact the developer directly to find out if a pre-construction condo is actually available. Alternatively, you can ask your realtor or the MLS if there are any pre-construction homes and condos in your area. If you don’t want to be put on a waiting list, make sure you keep checking back in case an opening comes up before one of the units.
You’ll find pre-construction condos in any major city, but the fastest way is to search online. Here are a few good sources:
1) Urban Catalysts – Urban Catalysts has been releasing Toronto developments since 1988 and offers both new and resale condo projects.
2) Royal Lepage – Royal Lepage has contemporary high-rise condos for sale in Toronto, Mississauga, Vaughan, Richmond Hill and Oakville.
3) Ottoway Homes – Ottoway Homes is one of the leading builders of new homes in Ontario. They have more than 30 years of experience building nothing but quality homes that fit your lifestyle.
What Are the Advantages of Pre-Construction Condos?
Pre-construction condos have so many advantages. First, you can get a specific design that is tailored to your needs and wants. There is also no risk of being second to purchase one of these units. You can help choose what features are included in your unit. You will be notified when the condo is going on sale before everyone else, which means you will be able to snag a New Condo Toronto for yourself before anyone else does. A more personal touch with everything from landscaping to the finishing touches in the Pre-construction condos in Toronto will make you feel at home in no time.
Few Advantages of Pre-Construction Condos Are Given Below:
Is it time for a change? A new city? New job? A new big decision? We have put together a list of tips on how to choose the best real estate to buy before construction is complete. What’s the secret sauce when you know your dream condo or home will be in the works soon enough!
1. What am I looking for and how much can I afford right now?
2. Find out if there are any pre-construction condos nearby in your desired location, or find out if there are any development approvals in progress
3. Find out what type of condo is being advertised and how many units are left available
4. Always read reviews online before deciding what to purchase
5. When visiting the building’s sales center, bring along a measuring tape so you can see how exterior design elements work for the space you have available
6. Like what you see? Book your spot for when construction is complete and be one of the first to move in 5 million pre construction condominiums are currently in the works. It’s time to start looking at that one thing you want, but it won’t be finished until at least 3/4 years from now. Research places, what’s nearby and you’re buying power right now. If you are working on the assumption your funds will be limited, and there are no new developments in early stages, head to the cash-strapped student or professional who wants a good rental space and a decent comp in the city. As the saying goes “When the grass is green and money is tight… it’s time to buy!”
