Purchasing a pre-construction condo is an excellent way to get into the property market at a lower price. Many builders offer financing options that allow buyers to pay as little as 20% down in smaller installments over two to four years. Plus, there are no maintenance fees. And you can have your interiors customized to your liking. Pre-construction condos are an excellent option for first-time buyers, investors, and those simply looking to upgrade. View this link to buy pre construction condo near me.
Fewer restrictions on rentals:
One of the main benefits of purchasing a pre-construction condo is fewer restrictions on renting out the unit. While older homes often have rental restrictions, most new buildings do not. They may also have no restrictions on pets. Also, you can move in sooner. In some provinces, you can get a “pre-occupancy period,” where you can move in before the building is completed.
You can benefit from early-bird pricing:
Another advantage of purchasing a pre-construction condo is that you can benefit from early bird pricing. Developers usually release their units in batches, increasing their prices every few months. The price difference between the first and last groups is usually between five and twenty percent. Early buyers can get a cheaper apartment, but not necessarily a better one. Sponsors also tend to include the best units in every batch, so you will only sometimes get a better deal.
Less risky than resale condos:
Regarding investment property, resale condos are less risky than new launches, but they have some disadvantages. When buying a resale condo, you have to choose from units already on the market, which can sometimes have serious flaws. For example, a garbage chute that does not work properly can make the unit unrentable and ruin the resale value. On the other hand, if you buy a unit that is in a new development, you can inspect the unit thoroughly before making the purchase. This will also enable you to judge other potential problems with your new investment, such as the location, neighbors, and traffic noise.
They are often cheaper than new construction:
Another benefit of resale condos is that they are often cheaper than new constructions in the same neighborhood. This is because new constructions need to be sold for a higher price than resale units to offset the higher development and land acquisition costs.