Right now is the perfect time to dig deeper into buying a pre-construction condo in Toronto. Start your research as it is one segment of the Toronto real estate market that just hasn't slowed down.
Advantages of Investing in Toronto's Pre-Construction Condos in 2021
Dated: April 7 2021
Right now is the perfect time to dig deeper into buying a pre-construction condo in Toronto. Start your research as it is one segment of the Toronto real estate market that just hasn't slowed down. During the last half of 2020, the pre-construction sector saw a huge boom after a short break due to the COVID-19 pandemic. Despite the province-wide construction shutdowns of 2020, developers expect a very promising and active 2021, returning to a more normal state by mid-year.
In 2021, there are some notable advantages to purchasing a pre-construction condo and plenty of reasons to consider investing in one this year.
Usually, purchasing a condo is more affordable than buying a stand-alone home - especially in the Toronto metro area. Many first-time buyers purchase condos due to the abundance of supply and lower costs. Plus, when making a deposit on a pre-construction condo, you can spread the payment out over several months instead of coming up with a 20-35% down payment upfront. It's also worth noting that maintenance fees are lower for pre-construction condo buildings as the cost of building maintenance and amenities is still being estimated and might increase later.
Greater Control Over Design
When purchasing a pre-construction condo, you are buying without seeing the entire finished product. That said, you are getting a brand new unit where you can decide on the features and finishes that are available with the floor plan you've chosen. Depending on how early you buy into the project, you may also have plenty of choices regarding which floor you want as well.
The Building Will Be Brand New
Since you'll be the first resident and everything in the apartment will be brand new, you won't necessarily have to face extra costs for renovations or updates. It's also likely that your new unit will be more energy-efficient, resulting in lower maintenance and utility costs.
There's always some risk involved, but buying a pre-construction condo in Toronto might be an excellent option for you! Do your research, know what you're looking for in a condo, and work with a pre-construction condo pro like Jay Banerjei to make the process seamless and successful.
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