What is a pre-construction? A pre-construction is a property you purchase before it is constructed whether a free hold or otherwise such as high-rise or low-rise buildings.
How do you purchase a pre-construction? A pre-construction purchase is made through the builder’s sale centre. However many builders provide better pricing and special incentives to the realtors they work with hence making a purchase through a realtor from the builder a better purchase. In the sale centre you are provide with a model or a 3D computer rendering of the property you will be buying; having said that the sale office is usually decorated with what you property could look like if decorated the same way. Unlike condos for the detached homes at times, the model home is already built so it would make it easier for the prospective buyer to see how the actual home would look like. The floor plans and the exterior of the property with different elevations and different styles are provided in a bruchure if the model home is not built as an alternative.
Is the model home what I will be getting upon completion? The model homes are designed to attract all sorts of attention from all buyers with different tastes. They are decorated with many upgrades some of which you’d have to pay extra for in order to obtain. This can add up! To offset this there are some incentives that the builder provides but as always it is best if you ahem a professional accompany you along the transaction to make sure you are well taken care of when it comes to such details.
What are the advantages of buying pre-construction? There are many benefits in buying a pre-construction. Having said that If you are the type of person who’d like to make your property look like the way you want it and have the features and look that you specifically enjoy pre-construction might not be for you specially when it comes to houses. As for the condos they always tend to be great investment as they always tend to gain value by time. When it comes to houses on the other hand they tend to be pricy already so if you plan on making a lot of changes after the completion it might cost you much more, you’d rather buy a fixer upper and build a custom home just the way you like it.
Few of the advantages: One of the benefits of buying pre-construction is the Warranty they provide. In Canada the warranty program protects buyers when buying new build properties. Warranty can provide a peace of mind specially when your investment is in such high values. The Warranty on new built properties covers costs that could occure as a result of delays in occupancy, closing costs or cost of repairs as result of default on workmanship. Ease of Purchase, in the current real estate market, you have to fight over a property in bidding wars with multiple offers which can be frustrating. Gain in Value, While your property is being built it gains in value. Having more options, Since the property is being built from the ground up, you have the option of making adjustment to certain extend to your desire. Also you can have some upgrades added to your property as well which comes with a cost.
Some of the disadvantages: Occupancy Fee, If you are buying a pre-construction condo there process of registration before you can own a unit. You can still move into your condo but you’d have to pay condo occupancy fee. This would be basically condo fee and in parts portion of your property tax and does not go toward your mortgage. Securing a mortgage, When buying a already built property you first go through the process of securing a mortgage. This is not the case when buying a pre-construction as you buy a property and you’d have to secure a mortgage upon closing. Extra Cash Deposit, When buying already built properties you provide your deposit and the rest is approved through a mortgage process. When buying pre-construction you usually are required to provide up to 10%-20% up front and this remains with the builder until closing when you go through your mortgage process. Delay, there is always that possibility that things can go wrong or take longer causing delays in closing and occupancy. If you are planning on moving in on those closing days and if you are selling a property in order to move in on certain date, always consider the possibility of delays in occupancy.
Due to changes to the real estate market the condos are very popular. Also if you are interested in purchasing a property the best approach is to contribute toward the purchase price little by little.
You can purchase a property with as little as 5%.
The best way to purchase them are when they are not available to the public.
We work with a number of builders throughout GTA and have access to the inventory of what is available and what will become available in near future.
You can have access to a number of different units before they are available to the public.
We also offer extra discounts to our clients who attend our VIP events not open to public with more options available to them.
The best investments are made at the right time; timing is a crucial factor in having a profitable investments. The pre-construction sale are the most popular as they yield the most profit. We work with a number of builders throughout Ontario giving our clients the best prices possible. These VIP events are held private throughout the year and provide clients with extra incentives up to 20% Off. They are Complimentary free of any charge to you and can provide the opportunity to clients to own a unit for as little as 5%.
If you like to get enrolled in our VIP platinum list simply contact us below and we’ll notify you of what is available and when our next event will be held.