A down-payment for a pre-construction condo is usually minimal, since the payment is spread over several deposits over the period of construction. The last one is usually due at occupancy or the final closing date. During construction, the condo's value will increase by an average of five to six percent, which means you'll get at least a 50-70% profit on your initial deposit. Another advantage of Pre construction condos toronto is that you can negotiate the contract price before the registration date, making your investment even more attractive.
Another benefit to pre-construction condos is that you can be the first owner of the development. This means you will have a chance to make changes and customize the home to suit your tastes. Additionally, pre-construction condos are generally sold with a 10-day cooling-off period, which means you can have a lawyer review the contract without incurring any penalties. In addition, you can also take your time, as you'll have time to save up and take risks.
When buying a pre-construction condo, don't forget to consider the hidden costs. You might have to pay taxes and other fees, which may be higher than you initially thought. Those fees will vary from jurisdiction to jurisdiction, so be sure to ask for the final price before signing the contract. If the sales team provides a convoluted answer, don't buy. Instead, focus on the perks and incentives you're offered.
When buying a pre-construction condo from the Pierre Carapetian Group, you'll need to pay a small deposit before closing. Usually, this deposit amounts to three to 10 percent of the purchase price. You'll also need to make sure that the developer will allow you to assign your contract - if you decide to sell the unit, for example - before the project is finished. Some builders don't allow this, while others require that you pay an assignment fee. Fortunately, most realtors specialize in pre-construction condo sales, so it's best to communicate with them early to get advice.
Buying a pre-construction condo is a great way to enter the Toronto Real Estate market. While pre-construction condos come with many risks, some of the biggest ones include delays in construction and abrupt notices of closing. However, the advantages of pre-construction condos make it a wise investment. And if you don't plan on renting it out, a qualified realtor can rent it out for you. This will provide you with a steady source of income for a few years.