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6 Top Advantages of Buying Pre-Construction Condos In GTA:
Purchasing pre-construction Condos has numerous advantages, Here are the top Six reasons to invest in Pre-Construction
1. Flexible Deposit Structure:
When purchasing a new build condo, the deposits range approx. between 15% - 20% and are typically spread out over the period of 3-4 years.
Investors and end users can afford to do this since they don't need to put down a 20% deposit all at once. The only requirement for mortgage is an approval letter at the time of purchase. This means you save little by little till your occupancy/closing date.
2. Tarion's Warranty:
Owning a pre-construction condo in GTA includes Tarion's warranty on your home so you don't have to worry about any building maintenance issues that arise during the first few years of owning your property.
3. New is always Better
Renters and buyers in the condo market are distracted by the new and shiny new builds, and as a result, they are willing to pay a premium.
With time, buildings become dated, maintenance fees start to rise and the Tarion Warranty ends. Therefore, purchasing a new condo is attractive for an investor or an end user.
4. Capital Appreciation.
From the time you sign a purchase agreement to buy a preconstruction, your property starts appreciating. By the time it's built, and based on GTA statistics you're appreciation value will range between 10-20% of purchase price.
5. No Bidding Wars &
Resale condos are currently selling in heated bidding wars. In these scenarios, a competitive offer must be a firm offer with no conditions to compete for a property. This can be stressful and challenging to get a property at the market value.
6. 10 Day Grace Period
When purchasing pre-construction, you have a 10-day cooling off period with the Builder. You can review the purchase information with your lawyer, lender, realtor, and financial advisor during this time. You should also take advantage of this time to conduct additional research on the builder and the surrounding area to confirm your desire to complete the purchase.
Some developers are far superior to others. When making a significant investment, such as purchasing pre-construction Properties in The GTA, working with a real estate agent who can offer you first access with Platinum pricing and incentives as well as experience is immanent to find the right opportunities and guide you through the process based on your needs.
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