8 Reasons Why Pre-Construction Condos Are the Right Choice for First-Time Buyers
Are you on the fence about buying your first property in Toronto? When a pre-construction condo gets offered to first-time buyers, surprisingly not many people pay attention to it. However, a pre-construction condo for sale in Toronto can be the best decision for first-time buyers. There are many perks of investing in a pre-con property. Some of them are not discussed enough.
Think about your first property as a stepping stone, not a place to grow old in. Whatever money you put in the mortgage, will be available for use later on towards that new property purchase. Condos placed nicely with easy access can provide good housing for many requirements. So, here are a few reasons why investing in pre-construction condos is a great option for first-time buyers:
1: Pre-Construction Condos Are Available with Attractive Incentives
One of the best things about pre-construction condos for sale in Mississauga or any other part of Toronto is that they will be available with attractive incentives. Builders incentivize under-construction condos with more attractive deals at the early stages. It is a pay-now-and-get-later scheme that gets buyers some impressive deals.
So, when you are ready to invest in a pre-construction property, you will be trusting the builder. This is why it is important to put your money in the right place. Always check the credibility and previous projects of the builder you are investing with. Select a property that is being built by a credible builder to safeguard your money.
2: Avoid Bidding Wars by Booking at the Right Time
The market is currently down as buyers are not putting their money in a lot. Also, it is getting more difficult to qualify for a mortgage as well. Even then, a bidding war might not be that far away for the right property at the right place. You can avoid that by booking at the right time.
Pre-construction condos in Toronto often don’t get bidding wars as frequently. So, when you invest money before the project is completed, you will have much less competition. No bidding wars will mean you will pay the right price for the property in question.
3: Construction Can Take a Long Time but with Benefits
When you buy a pre-construction condo for sale in Toronto, the builders will give you a date of possession. This date is when you will be able to move into your newly bought property. However, there are often delays in the construction process. Yet, there are some benefits available even in the delays.
Often, new properties get built up together. So, when many housing properties get built in the same area, transport routes get assigned. Local transport systems and roads see a major upgrade. This benefits first-time buyers making the area a prime location by the time possession is handed over.
4: Select a Condo Property Size to Your Preference
When investing in a pre-construction condo for sale you will get the chance to select a property to your preference. Whether you need a 1-bedroom, 2-bedroom, 3-bedroom, or 4-bedroom apartment, there will be options available. Most condo and apartment buildings have multiple options when it comes to sizes and number of rooms.
As there will be much less competition on pre-construction properties, better choices will present themselves. Also, it is important for families to buy the rightly sized property. You don’t want to be in a position where you find the property to be not to your requirement.
5: You May Have a Say in the Design and Finish
Some builders might even let you have a say in the design and finish of your condo. However, this is only possible when you buy a pre-construction condo for sale in Toronto. The size of rooms and their number will be pre-determined. However, you can have a say in fit and finish including color choices.
This will save you the time, effort, and money of making your property according to your preference. Also, all builders and managers will not allow for this liberty as well. So, look for something that provides the opportunity to get the finish you need.
6: There Are Plenty of Options Available – Time to Buy Is Now
Buyers are not putting their money in at the moment. However, builders are building new properties across the city. This puts you in the driving seat when you want to buy a new property. Also, with the recent interest rate spike, many buyers have been put out of the game and cannot qualify for mortgage.
So, if you can qualify for one and are planning to buy, this is the right time to invest. Find your perfect condo for sale in Mississauga or any other area in Toronto. Also, you will have to put up 5% or more in a downpayment as well.
7: Prime Location Pre-Con Condo Will Be Available
With properties being built across the city, prime location condos are available easily. Condo properties with easy access to local transport are the best purchases. When you buy a prime location pre-construction condo for sale in Toronto, its value is anticipated to rise.
As properties near their finish, more bidding wars are likely to occur. This will put a lot of competition on properties at good locations. So, invest in a pre-con property and acquire it before anyone else does.
8: Think About Your New Condo Property as a Stepping Stone
Of course, you’d like to live and grow old in a detached house in the middle of the city, right? However, not many people will have the opportunity to buy a first property of that nature. Instead, you can make your new condo investment a stepping stone for that goal.
Get a condo mortgage plan and put money into it. Whatever money you put in will be accessible later on. When you have the means to invest in a bigger more suitable property, sell the condo and invest what you get as downpayment. This is how many people upgrade their property in big cities.
Buying your first property in Toronto is a dream come true. Trust Condos is one of the leading property buy and sell real estate agents in the city. Make sure to get in touch with us at any time. We have the largest inventory of pre-construction condos and also fully-built condos in the city. Buy that first property and make it yours with our professional help quickly.
“The information on this blog is based on our experience. Readers/Users are strongly recommended to obtain independent property, mortgage, legal, tax or accounting advice. The information displayed is for reference only and is without any representations and warranties.”