Benefits of Buying Pre-Construction Condos

Maximiliano GrossCondos,

Are you planning to buy a condominium in the future? Condo ownership offers a decent opportunity for homeowners and investors to invest in the real estate markets. However, most potential buyers face a dilemma of having to choose between pre-construction units or an already built condominium. It is a known fact that they are unique benefits to each investment options.condo plan

Customization

One of the main benefits enjoyed by individuals who invest in pre-construction condos is the ability to customize your floor plan. The chance to customize the design is key to ensuring that you buy a unit that caters to your specific needs. Most buyers would love the opportunity to work in tandem with the builders, and this explains why the demand for pre-built condos have been on the rise in recent years.

Attractive Prices

It is a known fact that buying a condo that is still in development stages is cheaper than buying a unit that is ready for occupancy. This is attributed to the fact that these units are sold at a base price. Besides getting a condo a fair price, the fact that the property prices keep increasing in most parts of the world makes pre-construction condos viable as far as is concerned.

No Renovations

Another benefit that comes with buying a pre-construction condo is that you do not have to commit to renovations. Renovations often end up making the costs of investments a lot higher than what you had anticipated. With a pre-construction condo, however, you do not have to conduct significant updates within the first ten years of owning the unit.

Flexible Payments

Another key attraction to pre-construction condos is the availability of flexible payments plans. When buying a resale unit, for instance, you might be required to offer a large upfront payment which is not always not easy for any homeowner. On the other hand, pre-construction units provide buyers with the liberty to hash out a deal with the builder that is convenient to both parties.condo floor plan

Buying a pre-construction condo is attractive in many ways. So if you need to invest in condos, it is high time that you invested in pre-construction condos and create a home of your dreams. Like with any other investments, preparation is vital.

condo units

Tips for Buying a Condo

Maximiliano GrossCondos, ,

You can easily find the condo of your dreams. It’s worth noting that it should fit your lifestyle as well as your specifications. With that in mind, presented below are some hints that will help you to get the perfect condo unit:

Hunt

The first step that you should take before parting with your money to buy a condo is hunting. Don’t just buy blindly. You have to look at the available units in your area so that you will avoid making a decision that you will regret in the near future after wasting your cash on a unit you dislike. It’s necessary to be persistent until you find what you need.

You don’t have to roam around your neighborhood searching for a condo unit to buy. Instead, you can take advantage of the internet to get videos, photos, and features of the units you want to purchase. Besides, you will also get to know other important things like the services that you will get after purchasing your condo. It’s advisable to take your time when making your selection so that you will make a rational decision.

nice condo unit

Sort Your Finances

If you have enough money to buy the condo that you want, then go ahead. However, if you don’t have enough cash, you should first sort your finances. The ugly truth is that some condo units will cost you a fortune, which is considered expensive to an average consumer. You can get a mortgage from a financial institution to get that condo. However, it’s worth noting that you should get the cash from a lender with low rates.

Some lenders are only after your money and not helping you to purchase your dream home. Talk to two or three lenders and compare their rates to settle for the one that will give you an affordable mortgage. If you have bad credit, then you might not qualify to get a mortgage from some lenders, and you are advised to start by enhancing your credit score before getting that loan.

Consult

having a conversationIf you want to purchase a condo, then you should speak to a real estate agent to get the advice that you require. The experts know everything about condo acquisition and will help you to make a sound decision. Apart from giving you advice, they will also show you the condos that they are selling.

When showing you the condos, they will explain to you their features and other information that they think is critical. For instance, they will shed more light on the price of the condo as well as the legal assistance that you might require. Besides, they will help you with all the other processes that are related to the purchase of the condo.

Selecting a condo is not a simple task, especially if it’s your first time. You need an expert hand to guide you throughout the process. However, if you keep the pointers as presented above in mind, then it will be a stroll in the park. Gone are the heydays when you had a challenging time buying the condo unit of your dreams. Check out Line 5 Condos if you want to buy one soon.

Tips For Buying a New Condo In Canada

Stephanie SimpsonCondos, ,

Condo ownership has become very common in Canada. More buyers are savvy about the process that makes a building or unit stand out. Most of the new homes which are under construction are condo units. These units are considered to be more affordable than single-family homes. Living in a condo has also become more desirable in the modern days. In fact, this is regarded as one of the realistic ways of owning a property in the expensive Canada real estate market. The following are the useful tips for purchasing a condo in Canada:

Resale Vs. New Build

existing condos

Buying a pre-constructed unit is relatively cheaper than purchasing an existing condo. The developer will give you a discount for allowing him to sit with your money for so long. In some instances, the price of existing condos might match that of pre-construction units. If this is the case, then you should consider buying the existing unit. Such a unit can be purchased or rented as soon as the buying process is over, thereby giving the buyer a financial benefit. From a financial perspective, you should purchase a ready-unit than a pre-constructed one.

Large Dens

Large dens can be converted into extra bedrooms. This is the best way of increasing the value of your unit. Installing a door or wall is an inexpensive renovation. When purchasing a condo, you should consider units with large dens. This will give you an opportunity of inexpensively and quickly add value to your unit.

Shared Amenities

condo-pool

Most of the condo units that were build decade ago have been sharing their amenity space. Owners of such condos can share cost since they enjoy the same amenities. Such units are cheap. Some of the facilities that can be shared include the boardroom and swimming pool. Buying a unit that has shared facilities is one of the smart investments that you can make. Additionally, large amenity spaces are better maintained as compared to other spaces in small buildings.

Older Buildings

You should focus on maximizing the available space in the old building. Old buildings have larger floor plans as compared to the new brand buildings. Again, they have a low price per square foot. The only issue with them is their outdated finishes. The process of renovating an old condo is relatively cheaper than renovating a house. You will not require any electrical work, structural work or major plumbing work.