There are plenty of benefits to buying a condo in Toronto, and finding the perfect one is an exciting time. However, there are a lot of factors to consider and big decisions to make. One major decision is whether to buy a condo which already physically exists, or whether to purchase pre-construction – a property which hasn't been built yet.
More and more Toronto buyers are opting for the latter, and there are a lot of reasons for this; however, it isn't a decision that you should take lightly. Here are some of the most important factors to consider when buying a condo preconstruction:
With that in mind, here are some of the main pros of buying a pre-construction condo:
However, you must also consider the cons of buying pre-construction condos:
There are definite pros and cons to buying a condo preconstruction versus resale, and it is essential to make a decision that you won't regret. Take some time to consider your budget, preferences and how much risk you are willing to accept. It is advisable to consult with a realtor and a financial planner before purchasing to ensure that you are making the right decision.