Buying a pre-construction condo is beneficial as it offers better pricing options and various choices to choose from. If you buy a pre-construction condo, you will get the best prices, and you can choose the floor at your convenience, but it is possible when you buy in the beginning phase.
Buying pre-construction condos in Toronto, Canada, means buying a condo either before or during construction. By signing the documents, you will get the condo in your name before the building is ready. The price list, brochures, floor plans, and other building details will be shared with you to help you make a better decision.
Here are a few most important things that you can do to buy a pre-construction condo in Canada:
1. Get Approved
Financing is everything when it comes to investing in a property. Before you go out and make a commitment to a pre-construction condo, ensure that you have a lot of enough to deposit. If you like buying pre-construction condominiums in Toronto, Canada, then check your finances first. The type of pre-construction condo you will buy will depend on how much you can afford. Therefore, before booking a pre-construction condo, make sure you have the right budget.
2. Selling Stages
There are three kinds of selling stages when it comes to pre-construction condos. One is the VIP phase, the Platinum phase, or open to the public. Builders & developers sell their pre-construction condos in these three phases. To get access to the VIP or Platinum phase, get in touch with renowned real estate agents. Agents stay in touch with developers and builders, and they can help you buy pre-construction condos in Toronto, Canada, at the best price. Discuss your needs with the real estate agent and find the pre-construction condo in your desired area.
3. Research the Developer
The reputation of the developer or a builder is important in buying pre-construction condominiums in Toronto, Canada. You can check the work of the developer by visiting the construction site or asking about him with your real estate agent. The best real estate agent will always provide you with trustworthy developers or builders. Once you are fully satisfied with the developer, ask for the expected date of completion and proceed with further steps of buying a pre-construction condo.
4. Examining the Floor
You can select your preferred floor plan of the condo you wish to purchase in the pre-construction phase. With the help of your real estate agent, you can examine the pre-construction office and decide which floor you want to buy at your convenience.
5. Sign a Purchase Agreement
Once you select the pre-construction condo, sign a contract that gives you future ownership of the condo. You will be most likely to pay a 5-20% down payment at the time of signing the agreement. Once everything is done correctly, you can pay the amount by a money order or certified cheque in a systematic process designed for the pre-construction condo by the developers or builders.
The Bottom Line
Buying pre-construction condos in Toronto from developers or builders brings enormous benefits. You can customize the home as per your interests, and do not worry about repairing any materials anytime soon. If you are buying pre-construction condos for the first time, consult with the top real estate agent in your area for a convenient purchasing process.