Buying Pre-Construction Condos in Downtown Toronto? This is All You Need to Know

1. Buying Pre-Construction Condos in Downtown Toronto? This is All You Need to Know Pre-construction condos downtown in Toronto or developments that are still at their blueprint stage are excellent investment options that can ring you exceptional savings over buying some resale unit. When contemplating a pre-construction condo investment, here are things you need to know: 1.Prepare to put at least 20% of the property amount out as down payment. When you buy a resale condo, down payment is often market at 5%. Pre-construction condos for sale in Toronto, on the other hand, will typically require you as much as 15 to 20% of the contract amount as a down payment. This is pretty much standard across different markets. 2.Pre-construction condos in downtown Toronto may be subject to delays. Prepare for delays in construction and move-in. Beware of developers who set too ambitious a timeframe and give yourself a good deal of allowance when it comes to your original move-in date. Have a plan to fall back on in case the date of completion gets pushed farther into the future. 3.Developers allow for advance mortgage lock-ins. Most pre-construction condo investment developers work with recommended and preferred mortgage providers. Qualifying for a loan with these mortgage providers will allow you the chance to lock in at much lower interest rates. 4.Prepare for additional closing costs. Utility connection fees, new appliances, and various builder adjustments could pump up your purchase price by a small percentage. This is but normal for pre-construction condos for sale Toronto. 5.Your actual building may deviate from how it looked like in model showrooms, video presentations, and pre-construction demos. Developers may amend their plans along the way, so be prepared for minor to major changes in site plans and layouts, as well as material choices, which developers may decide to change up, last minute. Pre- construction investments come with these kinds of surprises, so best be flexible when opting for one. Buying into a pre-construction development requires a good deal of flexibility and patience, as you await the completion of the project. This is why you should consider the above things before jumping into an investment to avoid unpleasant surprises that may leave you frustrated about your purchase. About the Author: CondoInvestments.ca is your One-Stop Source for Toronto Condos. Specializing in New Condo Developments we provide First Access and VIP Incentives. The team at CondoInvestments.ca helps clients buy and sell new and resale condominium apartments in Toronto. We are a group

2. of high energy, experienced, committed and passionate real estate professionals providing our clients with high calibre real estate services and cutting-edge advice with the utmost integrity. We combine the world’s most prestigious real estate brand with local market knowledge and unrivalled international marketing solutions.