In the fourth quarter of 2018,Toronto condo prices had grown by roughly 10% year-over-year to $569,812. Real estate agents, real estate experts, and economic forecasts still remain very optimistic about the future prospects of the condo market within the city of Toronto. One trend that is fueling this growth is pre construction condo sales, where a new condo is sold before it is even built. However, I want you to put yourself in the perspective of these pre construction condo buyers, and imagine how it may be like for you to purchase a condo without ever seeing or visiting it! Thousands of condo buyers have already done this with pre-construction condos that they had already secured, even before their condo's first foundation was dug.
But before you decide to make your big purchase, you should consider taking a seasoned real estate agent with you to the new development site of your pre construction condo. An experienced real estate agent can determine whether the location of your potential condo has any significant benefits or even drawbacks, such as its proximity to public transportation, general criminal activity in the surrounding neighborhood, the number of nearby schools, the location of adjacent air flight paths, or even the location of nearby shopping malls and grocery stores.
Many real estate agents still believe that the condo way of life is very desirable to many buyers and that this consumer market will never fade away completely. While condos may have their strengths and weaknesses, overall condos are considered to be an excellent investment. A Toronto condo specialist agent can also help you to source a condo at a lower price if it is still in the pre-construction phase. This purchasing strategy is just one way you may earn positive equity on your condo once its construction has been completed. Condo building can also take around two-thirds of the time to complete in comparison with a three bedroom house, so you may not have to wait too long. Another very useful benefit of acquiring a pre construction condo is the possibility of further customizing your condo. In many cases, you can actually collaborate with your condo's builder and put in place some customizations for your condo, such as in the bathrooms and kitchens. This is a fantastic opportunity for condo buyers to customize their condo to suit their needs or style.
A real estate agent can also talk to solicitors, sign off on the deed papers with you and secure a low price since it will likely have a lower rate than it would be on completion. Real estate agents also have contacts and connections to the real estate market when it comes to finding and procuring a cheaper mortgage. One distinct advantage of registering with your real estate agent for the pre-construction condo building you are interested in is that they may even have access to VIP pricing which is usually only available through agents before being open to the public. This price may not be entirely negotiable, but you can still pick up one of the few precious positions to pick from the most desirable units.
In conclusion, pre construction condo sales are a great way for buyers to receive a higher return on their investment. With the condo market still doing very well, there is no time like the present to purchase a pre construction condo.
