Preconstruction Vs Completed Condos
Many people remain skeptical when it comes to buying Toronto preconstruction condos; they express uncertainty over the new buildings being erected in all corners around Toronto. Some people say that completed condos end being mismanaged while others believe that preconstruction condo buyers are the most fleeced. These perceptions hardly dissuade many people who are accustomed to city life to shy away from purchasing homes located in down town. According to uphomes.ca’s real estate, most of the people interested in buying condos are those who grew up in towns and work in downtown.
The condos which are not yet built are referred to as preconstruction condos while those for resale are known as completed condos. An investor who can difference between the two is in a better position to make an informed choice on where to invest. Below are some advantages and disadvantages that any buyer needs to consider before opting to buy Toronto preconstruction condos or completed ones.
Advantages of Purchasing a Completed Condo
- You actually see the property you are purchasing; you are saved from the agony of having to figure out how your house will look like from an incomprehensive floor plan.
- You are not subjected to any unnecessary waits. You own the house immediately after closing the deal and you are free to move in any time.
- The purchase figures are easy to work on and comprehend. Your mortgage can be approved within a very short time and your monthly payment calculated based on prevailing rates. This is not always true with Toronto preconstruction condos.
Disadvantages of Buying a Completed Condo:
- If the condo was occupied before, you must set aside some amount of money for renovations.
- You may want a condo in a pre-defined region but the fixed price could be beyond your reach forcing you to drop out.
As defined by uphomes.ca’s real estate, Preconstruction condos are units which are under construction. The units may be bought from the developer prior to commencement of the construction exercise.
Advantages of Buying Preconstruction Condos:
- As the owner, you have the freedom of customizing certain features like the floor, the cabinets and many others to your needs.
- The delay risk attached to them makes them a little bit cheaper compared to the completed units.
- The arrangement allows you to prepare to purchase the condos. Also you can make part payment to the builder over a period of time.
The Disadvantages of Preconstruction Condos:
- The floor plan lays the basis of your buying; you can’t tell how the finished house will look like.
- It takes long before you own the building and you keep paying the rent until when the units are fully completed and registered.
- The builder can alter the design as there is no guarantee on what was agreed on. Sometimes a few developers are unable sell enough units to make them continue with the construction. Also, some units may never be completed.
BUT BUT BUT Team at uphomes.ca is available to help to find a right condo investment with reputed builder.