2 Ways Your Finances Will Flourish with a Pre-Construction Condo
It's no secret that condos are changing the way infrastructure has been conceptualized in cities all around the world; this is especially true of the Greater Toronto Area (or GTA), where condos have begun to fill the majority of the city's vast skyline. Recent years have shown that condos are as simultaneously sought-out and beloved amongst the cities up-and-coming young professionals, as they are disdained by veteran members of the city's populace, seeking to keep things traditional-looking.
Indeed, condominiums are a curious trend with very vocal opinions composing the conversation. One thing that's certain, however, is how successful they are as business ventures. Because they allot so many lucrative opportunities, it's necessary to re-evaluate your opinion on these structures if you're looking to make a bit of extra capital in a city that truly is on the cutting edge.
The following will outline precisely why certain condo developments are more popular than others, and how this can benefit you, either as a prospective homeowner, or an investment guru.
1. Pre-Construction Condos Are Cheap Acquisitions
Not all condos are equal, especially when it comes to finances. This is why you, as a fiscally responsible individual, need to consider the opportunities allotted by pre-construction condos.
Not only can you immediately make money buying a pre-construction condo in your city, you can continue to do so for years to come. Right off the bat, you'll be greeted by developers with a significantly discounted rate, simply because the unit hasn't been built.
Given that you are not looking for a unit that's pre-existing, and are instead, the initial fees involved in acquiring a pre-construction unit will reflect the fact that it may be under construction in a neighbourhood that has yet to experience a boom in popularity. It's only after new developments are finished that a neighbourhood becomes a community with tight-knit residents and a heightened resale value.
In other words, condo developments help to further develop large and otherwise unpopulated streets; this is one of the many reasons why shopping for a pre-construction condo doesn't mean you need a lump sum or a down payment. Not only do you have time to save up (as you pay regular fees instead), there are flexible entry rates, making them affordable investments that will only grow over time.
2. It's An Investment That Keeps On Giving
While it is almost like making a leap of faith, it's a leap that you can depend on. Developers are often very precise about their timelines, so you won't have to worry about any unexpected delays. When it comes to layouts and city regulations, these are taken care of years in advance of having pre-construction units put out on the market.
While pre-construction rates may be affordable, the fact that it isn't breaking the bank doesn't mean you're getting a cheap investment with low-quality fixtures and hastily-designed layouts. On the contrary, each and every item will be brand new in the unit, meaning that if your goal is to sell off the unit or simply rent it.
Even if you don't plan on living in the condo that you've purchased in its pre-construction phase, the financial growth it offers is boundless. Taking the time to renovate the unit on your own will increase the value far beyond what you paid, proving that patience truly is a virtue. It's undeniable that pre-construction units have benefits that pre-owned units and full-sized homes could never have, given the current demands of the market.