Is it really worth buying pre-construction condos in Toronto? While under construction homes for sale in Toronto is indeed risky investments, they offer plenty of benefits that overshadow those disadvantages.
You’ll get a higher value per square footage for a lower price when you buy pre-construction condos for sale in Toronto compared to buying resale condos. You are also more likely to get a higher return on investment because developers usually sell their units at significantly lower prices during the initial construction stage. Prices become more expensive as the project continues. If you are one of the first buyers, you can potentially double your ROI once your unit is finished.
A pre-construction condo investment can be easier to sell once completed. Homebuyers generally find brand-new units that are fully-furnished with modern features, amenities, and appliances to more attractive and more comfortable to live in than resale condominiums. In fact, buyers are often willing to pay more just to buy or rent brand-new condo units. Not only can you rent your condo out or sell it at a higher price—you’ll have more potential tenants and buyers, too.
Easier payment plans
While it is true that pre-construction condos for sale in Toronto require a bigger down payment than resale condos, payment terms are generally better. Condominium builders allow their clients to finance their units in a series of smaller payments as deposits. Depending on the deposit structure, you may be able to pay for 20% to 25% of the whole purchase price by the time of occupancy.
Pre-construction condo investments are lucrative. If you really want to be successful in this type of investment, you’ll need help from the experts. You’ll need realtors and brokers to guide you in finding the best property that suits your needs.
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