Are you thinking about purchasing a condo in the near future? Well, many prospective home buyers are faced with the difficult task of choosing between a presale or a pre-construction unit. Each option has their pros and cons, but today we’re highlighting the benefits of buying a pre-construction unit.
- Ultimate Customization
Imagine designing every square inch of your condo from scratch? Well, with a pre-construction unit, you essentially get to control the design process with the help of your builder. Many home buyers love this aspect and get a sense of satisfaction and control when working in tandem with the construction builders.
- Best Prices
In North America, purchasing property is one of the most stable investments, as the value usually begins to increase within the first five years. In certain cities, property values appreciate really fast (especially in Montreal), and this will have a negative consequence on your wallet.
This is why many buyers prefer pre-sale condos because it’s sold at a base price without appreciation costs, meaning you’re usually getting a decent price.
- No Renovations
One of the downsides of buying a resale unit is that you’ll often have to commit to numerous renovations, which can easily leave your bank account in the red.
With a pre-construction unit, you won’t have to do any major updates within the first 10 years. If you notice there’s something structurally wrong, you can contact the builders and they’ll usually fix it for free.
If you’re buying a resale unit, you’ll have to come up with a 20% down payment in order to avoid paying CHMC Mortgage Insurance. This can be particularly difficult if you don’t have your finances in order, after all, it can be hard to come up with $50,000 on the spot.
With a pre-construction unit, you can hash out a deal with the builders to pay the down payment in a series of installments, providing you with the opportunity to save up and get things in order. Just keep in mind you have to pay the final 5% when you get the keys!
As a way to attract prospective buyers, condo builders usually offer certain incentives. These incentives can range from certain household appliances to additional storage space within the building. You can sometimes negotiate with the builder as well, so if you’re serious about buying a condo, give your builder a call and see what they have to offer.
It’s clear there are numerous benefits to buying a pre-construction unit, so head on over and check out DevMcGill’s construction projects! They’re currently building condos in the trendiest neighbourhoods in Montreal and Ottawa, giving you the opportunity to create the home of your dreams.
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