Breaking Into Real Estate Investments: The Basics of Buying Pre-Construction Condos
New to Real Estate Investing? The Basics of Pre-Construction Condos
The first step in real estate investing is to learn about the many paths you can take. Here’s what you need to know about investing in pre-construction condos.
Whether you’re looking for a place in the city to move into or for real estate to invest in, you’ve no doubt looked into condos.
Toronto is a hotbed of condo growth — in more ways than one. Not only are new condos being built every day, but the value of available condos is soaring, up to 35% in some cases.
Have you considered pre-construction condos? There are several reasons why you should invest in this hot real estate property before the market is saturated.
Keep reading to learn the ins and outs of this real estate trend!
Understand Everything About the Location
When you’re looking at pre-construction condos for sale, you’ve still got to abide by the most famous rule of real estate: location, location, location!
What’s going on in your new neighborhood? Does the city have any plans for the area? If so, is it going to boost the price of your investment?
Getting in early while a place is still under construction also gives you first pick of the best units. You’ll be able to choose a place close to necessary facilities that boasts the most spectacular views.
Choosing Your Layout
This is probably one of the biggest reasons to buy a condo before it’s built. Instead of moving into an already established place, you can choose the layout you want.
On top of picking out the best unit for you and your needs, you’ve got your pick of other important condo details. You’ll get to choose everything from appliances, countertops, room layout and more.
One thing to keep in mind: sometimes, things change. If construction doesn’t go as planned, you might have to be a little flexible with your layout.
Dealing with Construction Delays
One con regarding purchasing a pre-construction condo: there might be delays. If you’re prepared for them, you can deal with them easily.
It goes without saying, but you should have a solid place to live while you’re building your new home. Don’t expect to move in on “day one” because day one might change.
Plan to rent out the condo? Make sure you are clear with your potential tenants that it might not be available immediately.
Speaking of renting…
Renting Pre-Construction Condos
Having a rental property is a smart move. Toronto’s vacancy rate is low — sometimes as low as 1% — which means there are always people looking to rent.
Do your homework to see what rental prices are in the area to stay competitive. Another thing to watch out for — how many other units are being rented. You don’t want to try to fight for renters in a saturated market.
Start Investing in Real Estate Today!
As you can see, pre-construction condos are one of the best real estate investments you can make. With so many great options in the Toronto area, you’ve got a lot of great places to start.
Ready to make the leap into purchasing your own condo? We’re here to help. Contact us today and we’ll help you realize your dream!
If you would like to discuss more about the upcoming condo opportunities and have any questions, please book an appointment with Arshad Hussain. A trusted name in Toronto pre-construction real estate.
