If you are looking for a home to rent or sell, pre construction condos in downtown Toronto might be a better investment. You can lock in the lowest price, and you won’t have to deal with maintenance or tenants. Then, you can sell it after a few years for a healthy profit. In addition, you won’t have to wait to rent or sell the property because it will have never been lived in.
You can buy them at discounts:
The best part about pre-construction condos is that you can purchase them at discounts. You can rent them out for market value and earn equity right away. On the other hand, resale condos won’t be able to rent out for a while, so you’ll have to pay for the expenses every month. However, if you’re buying a condo to live in or rent out, you’ll have a greater chance of earning money.
They require less maintenance than resale condos:
Pre-construction condos usually require less maintenance than resale condos. Because the current upkeep and repairs are already included in the price, you’ll pay less for it in the long run. But the price tag on a pre-construction condo is still high, so it may be best to avoid this if you can afford it. Nevertheless, there are several advantages of investing in pre-construction condos.
You can inspect the individual condos:
The next major advantage of pre-construction condos is that you can inspect the individual condos and the condition of the building.
You can negotiate a move-in date:
Another big advantage of pre-construction condos is that buyers can negotiate a move-in date, which is not flexible.
Some developers offer more flexible financing terms:
In addition, some developers offer more flexible financing terms than others, so pre-construction condos are generally cheaper. But, you’ll have to be prepared to invest more money.
The price is much lower than resale condos:
The price of pre-construction condos is lower than those of resale condos. As a bonus, pre-construction condos have more flexibility. They can be customized with custom features. You can also choose to customize the condos with your decor and furnishings. The only difference between these two is the price.