2 Ways Pre-Constructed Condos Will Nourish Your Nest Egg
While condos in the Greater Toronto Area have, in recent years, gotten a strange and ambiguous reputation from people peeking in on the industry from the outside, it’s nevertheless worth reevaluating the opportunities that await those with the patience to really see the direction in which this grandiose city-cum–condo development hub is going.
Pre-Construction Condos Call For Pre-Construction Rates
Because you’re not going all-in on a pre-existing unit, and are instead, awaiting something that is yet to be completed, so too are the fees reflective of this tentative position. Rather than the expectation of a larger-than-life lump sum, management companies of pre-construction offer flexible entry-level rates that could easily constitute a game-changing chunk of money, i.e. one that is affordable for people in all kinds of positions.
There is, in addition to this malleable marketplace, the added leeway that comes with taking on a team of skilled real estate agents that specialize in pre-construction, like the individuals at, for example, the CondoHere agency, who are dedicated to fighting to alleviate the struggles that buyers (as opposed to owners) may encounter when making these life-altering decisions regarding property and the value of a condo unit. Not only do they know the ins and outs condos at large, they are highly knowledgeable about the ever-fluctuating valuations of an expansive city like Toronto, Ontario.
Finally, pre-construction rates may be low, but that doesn’t mean you’re getting low-quality designs and embellishments; everything will be brand new and entirely configurable to your unique aesthetic desires.
The Re-Sale Value Could Be The Investment You’ve Been Waiting For
Even if you don’ necessarily want to reside in a condo that you’ve purchased in its preconstruction phase, it could make for an absolutely lucrative investment. Indeed, you no longer need to be on the path towards becoming the CEO of a successful startup to own a condo in the not-too-distant future. With pre-construction, you don’t get what you pay for, which is to say, the property value will likely triple or quadruple by the time the unit is complete and you’re poised to move in. Even if you choose not to make it your primary residence – and perhaps will quickly flip it.
It’s also important to note the fluid nature of investments. For instance, with the advent of the new TTC Line 1 subway extension – which now stretches from Union Station, all the way to Vaughn Metropolitan Centre. This additional stretch of train tracks will invariably change the entire way the city functions, especially the rising and falling rates of real estate; indeed, areas that were once inaccessible in the north of the city are now prime locations for new developments, which will in turn raise the prices of older ones. In short, a great deal of opportunity is abound given the changing infrastructure of the cityscape.
With this in mind, it’s useful to invest in cheaper pre-construction properties in developing areas, which are only now the object of realtors’ interest. This is why, once again, it’s central to have a team of agents working with you to point out these easily-overlooked elements of the vast Torontonian landscape. With these elements in mind, you’ll surely find the pre-construction condo of your dreams, but perhaps not where you initially expected it to be and, with this, you’ll be able to continue to save money and finally feel settled.