4 Reasons to Buy a Pre-Construction Condo in TorontoBuying a condo comes with many great benefits — less maintenance, amenities that complement your lifestyle and generally at more affordable price points than alternative housing options. But pre-construction condos actually offer all that and more.
Buying a pre-construction condo allows you to make your home your own, right from the beginning. You can select your own floorplan depending on what best suits you and your lifestyle, choose the colours and materials of your finishes and benefit from brand new appliances. It’s a lucrative investment opportunity that has the potential to appreciate, all while giving you time to save — now let us tell you how. Here are the top 4 reasons to buy a pre-construction condo in Toronto.
1. You Can Select Your Finishes and Upgrades
When you purchase a pre-construction condo, your suite will come with standard features and finishes. This refers to the materials, appliances and flooring that’s used in your unit; particularly in the kitchen and bathrooms. Standard features and finishes are specific to the condo that you choose, but they all have an updated aesthetic and a newness to them that’ll leave you feeling excited about your new home. If you want to up the ante and really make the place your own, however, we offer you the opportunity to further upgrade your features and finishes at our decor studio too.
2. You’ll Enjoy Resort-Style Amenities
A huge part of a condominium community are the building’s amenities, and luckily with pre-construction condos, they come brand new. These shared spaces are designed to complement your lifestyle, whether it’s a co-working space, a fitness room, a resident bar, a rooftop patio or an expansive pool. When you’re deciding on a pre-construction condo, be sure to consider what amenities they offer you and how they align with your lifestyle preferences.
3. You Can Buy a Parking Spot and Locker in Your Purchase
When you purchase a pre-construction condo, you may have the option to buy a parking spot and locker. For those that have their own vehicles and live in the city, having a designated parking spot can save you the hassle of looking for parking elsewhere. As well, even if you live a minimalistic lifestyle, having somewhere to house boxes, seasonal items and belongings that you don’t want in your home proves useful — especially in a condo where storage is always top of mind.
4. Deposit Structures Give You Time to Save
By buying pre-construction, you benefit from deposit plans that give you time to save. All pre-construction condos require a deposit of the total purchase price, but it’s often broken down into installments that are due over the course of the project’s construction phase. This is especially helpful for buyers who may not have the cash on hand to pay the entire down payment upfront. Keep in mind that deposit schedules differ depending on the timing of your purchase and the project. Make sure that you discuss what the deposit schedule is for the condo that you’re interested in with the corresponding sales representative, and review your finances to make sure that you can make realistically make those payments.
Just bought a pre-construction condo? Learn how to read your floor plan here. Or, if you’re looking for another avenue to break into the housing market, opt to co-buy instead.