Have you ever dreamed of owning a pre-construction condo in Toronto? Well, if you have not yet, then you should really consider it now. There are many benefits to owning a condo that does not require you to shell out thousands of dollars up front.
Here is why you should consider purchasing one and what you should consider before buying one
- If you buy a pre-construction condo in Toronto, it will most likely come with all the built in fees, including HST (Home Stimulus Grant), property taxes and other fees associated with new home sales. These fees are added by the developer at the time they purchase your land so they can earn some revenue from them. This fee will not apply if you buy from a private developer. So this will relieve you of these additional payments.
- Another reason to consider purchasing pre-construction condos in Toronto is because of their lack of closing expenses. When you buy a new home, there is the standard “Closing Costs” fee that is added to the cost of the house. This fee varies greatly from one region to another and can often get as much as 40% of the total cost of the house. With a condominium, this fee is rarely, if ever, included.
- In addition, you will not have to deal with cooling-off periods when you buy a pre-construction condo in Toronto. These are mandatory in new home sales and can run anywhere from a few days to a month or longer. With condominiums, the seller typically offers a cooling-off period for buyers to go off and look at the property. This can take several weeks to a month and can cost several thousands of dollars. With condos, the builder doesn’t have any real estate costs related to this and you don’t have to worry about it.
- Condominiums in Toronto also come with a variety of common area rules and regulations that you should consider. For example, there are several things like common area improvements that you should look into. This is especially important if you live in a condominium unit that you rent out to tenants. Some builders will give you a break on their property assessment fees when you use their common area improvements as an incentive to tenants. The only things you need to check into when it comes to these types of common area improvements are the rules and regulations governing them in the area where you live.
- The pre-construction Tridel Condos For Sale in Toronto also comes with its own set of common deposit structures. These are almost like an open house with no reserve fund that is used to cover the commissions and expenses of the construction team who are building your condo. This can be a great way to get into a new home without completely financing it. However, this reserve fund may be tied up for months, even years depending on the type of agreement you work out with the developer.
- Condo owners in Toronto also benefit from a common entry policy. This means that almost anyone can get into a condo regardless of whether they have good credit or not. The entry fee applies to first time buyers, existing homeowners with current lease contracts, and people who are renting already. This policy can help to keep costs down by requiring potential buyers to pay for their own entrance fees, which can add up to a hefty chunk of change. This type of entry policy is becoming more popular in pre-construction condos in Toronto.
- The last major fee that must be paid for a condominium is the development charges. These fees apply to the amount of money that is earmarked for the expenses that come with building and preparing the property for occupancy. These include all land transfer taxes and hydro bills. These fees can be significant, especially for buyers who do not intend to live in their new home for very long. In the end, it is important to remember that the pre-construction condo in Toronto can be a very safe investment.