Urban living has become increasingly popular in recent years, as more and more people are drawn to the excitement and energy of city life. Toronto is one of the most desirable places to live in Canada, thanks to its incredible diversity, world-class amenities, and vibrant culture. If you’re thinking of making the move to Toronto, you may be considering a pre-construction condo.
Before you make a decision, it’s important to understand the pros and cons of pre-construction condos. Here’s a closer look at some of the key considerations:
PROS
Affordability: One of the biggest advantages of pre-construction condos is that they are often more affordable than resale units. This is because developers offering pre-construction units are typically able to sell them at a lower price point, before construction costs are factored in.
First pick of units: When you purchase a pre-construction condo, you get first pick of the units. This means you can choose your unit based on your preferred layout, views, and amenities.
Potential for appreciation: Another benefit of pre-construction condos is that they often appreciate in value once the building is completed. This is due to the increase in demand for units in new buildings, as well as the rising costs of construction.
CONS
Delays: One of the biggest potential downside of pre-construction condos is that they can often experience delays. This can be frustrating for buyers who are anxious to move into their new home, but it’s important to be patient and understand that these delays are often out of the control of the developer.
Changes in plans: It’s also important to be aware that plans for pre-construction condos can change. This means that the unit you thought you were getting may not be the unit you end up with. While these changes are usually minor, they can still be frustrating for buyers.
Unfavorable contracts: Another potential downside of pre-construction condos is that the contractually agreements between buyers and developers can be unfavorable to buyers. This is because developers typically include clauses that protect them in the event of changes or delays, while buyers are often left without much recourse.
As you can see, there are both pros and cons to consider when thinking about purchasing a pre-construction condo. It’s important to do your research and work with a experienced real estate professional to help you navigate the process. With the right knowledge and guidance, you can make sure that your experience with pre-construction condos is a positive one.
