Faqs On Pre- Construction Condos

Pre-construction condos are a great way to invest in real estate. They offer all the benefits of buying a home but at a fraction of the cost.

Here are some of the most frequently asked questions about preconstruction condos:

What Is A Pre-Construction Condo?

A pre-construction condo is a condominium unit that you purchase before it’s built. The developer has already purchased the land, developed the site plan and obtained all necessary approvals from the city or town council to begin construction. Once you purchase your unit, you’ll receive all the same documents as you would if you bought a newly constructed condo such as an occupancy permit, title insurance policy and mortgage certificate of compliance. This means that when you move in, you’ll have peace of mind knowing that everything has been done properly by an architect and building professional who specializes in building condos.

Is Buying A Preconstruction Condo Better Than Buying An Existing One?

Yes! Pre-construction condos give buyers the opportunity to customize their units and make them their own before they move into them. You’ll also be able to choose from different floor plans, upgrades and amenities so that your home will suit your lifestyle perfectly.

What Are The Benefits Of Buying A Pre-Construction Condo?

You’ll save money by paying less for your unit. You’ll also get to experience some of the benefits of living in an established neighbourhood without having to wait for years for it to be built up around you. Plus, if you’re looking for something specific like an extra bedroom or two bathrooms, builders often offer more options at pre-sale than they do during construction.

How Long Does It Take To Build A Pre-Construction Condo?

The average time frame from when a building permit is issued to when residents move in is about two years — but this varies greatly depending on where you live and how complex the project is. You can expect that initial construction will begin sometime between six months and one year after you buy your unit — especially if there’s been no activity on the site.

Is It Possible To Finance The Purchase Of A Pre-Construction Condo?

Yes, although financing can be difficult because there are no current appraisals or market data available for this type of property. Typically, mortgage lenders will only lend on new construction projects if they have seen the building plans and verified that they have been approved by an engineer. Appraisers also need to verify that the builder has all of their permits in place before they will provide an appraisal.

How Do I Know If Buying A Pre-Construction Condo Is Right For Me?

A: If you are looking for lower maintenance costs and want to live in a new building with modern amenities, then buying a pre-construction condo may be right for you. However, there are some risks involved as well as some things that you need to consider before making your decision. To know more information on New Condos Toronto or pre construction condos Mississauga, contact us.