First-time Homebuyers Guide When Buying Toronto Preconstruction Condos

Are you planning to buy your first real estate property in Toronto? If your answer is a big “Yes”, why not consider the time and space condos. Why? First of all, the trend now among property buyers is modern way of living and investing on preconstruction condos is one of the best options to consider. Aside from that, anyone wishing to get a higher return from investing on a Toronto condo project will surely benefit from this investment because the resale value of a condo appreciates due to high demand in the market. If this is your first time to scout for the best deals on Toronto preconstruction condos, let me give you some buying guidelines to help you make a wise decision.

  • Do physical visit of the location

If you are planning to live within the area of Toronto, I suggest that you do actual physical visit of the targeted location where you want to invest your hard earned money. If you saw ads of proposed Toronto preconstruction condos, find out the developers handling these projects. Take time assessing the area including other ongoing preconstruction condos and amenities being offered that will make your life easier when you move in one of their units like accessibility to public transport, establishments and health facilities.

  • Choose a reliable developer

Investing in a preconstruction condo is a long-term investment, so it’s just a practical things to do to entrust your money to a reliable developer with solid track of record of building top quality condos and meeting the target completion date. If you have prospective developers, ask the referrals of friends, relatives, colleagues from work or business associates who have worked closely with a developer, so that you have peace of mind that your money is put in the right Toronto condo project.

  • Request the blueprint

Before making a commitment to any Toronto condo project, request the developer to provide you the blueprint or floor plan of the potential unit you are planning to buy. Remember, demo units are specifically designed to capture a potential buyer’s attention and win his or her final approval to buy the unit. The floor plan will come handy when the turnover of the unit arrived and you can use it as reference if some features of the condo weren’t in accordance to what you have actually paid for.

  • Be on guard of potential risks

Buying preconstruction condos may pose some potential risks and it is your responsibility to be on guard of delays in completion, non-compliance of the developer to required building standards or worst case scenario, the condo project didn’t materialize and your money is tied up for a long time.

Investing your money to a preconstruction project has its own pros and cons. Weigh all aspects of this type of property investment and if you still having difficulty making a wise decision, consult a real estate specialist who knows the ins and outs of the real estate buying trends, legal issues and other documentations needed before you can be a proud owner of these well-sought Toronto preconstruction condos.

If you want your first property buying experience an enjoyable one, contact team at uphomes and book for a private consultation. It takes a well-informed property buyer to make a wise decision and team at uphomes are ready to help you find the perfect condo and make that final purchase with confidence.

guy wish

Related posts