Benefits of Purchasing in Pre Construction

– You are first owner of the unit and you get to pick your own finishes and upgrades and customize to your taste (Flooring, Cabinetry, Tiles..)

– Pre-construction condos tend to be cheaper than resale, specially if you purchase early at the opening launch, you get the best prices and incentives as the builder needs to get certain amount of units sold to secure their financing. Once they reach certain amounts of units prices increase and the VIP incentives might not longer be offered. If you purchase in an area that is going through a lot of growth, or close to an upcoming transit line there is a good chance that your property will appreciate.

– If you purchase from floor plans at the opening of a new condo you not only will get the best pricing but also the best selection of floors, exposure and suites to choose from, there is a whole building to sell, rather than in resale you will just look at one or two models that might become available later on.

– Buying in Pre-construction will give you more time to save money if you have to borrow for the deposit or just simply to have more money to have a greater down payment. You will be paying to the builders deposits every few months to complete your down payment. Depending on the builder's deposit structure, it usually totals 20% by Occupancy. In some projects the last 5% is not until Occupancy.

– Pre construction condos will have new technology and more energy efficient. Builders are getting every time more innovative with the amenities being offered. Like Hot and Cold Parcel Storage Delivery (at Line 5 Condos) so you can order your groceries online and they will be kept for you until you come home from work. Garage Recognition Licence Plates (at Prime Condos) or your own Car Wash (at King's Landing)

– Pre construction condos come with up to 7 years warranty. In Ontario, all new condominiums are required to be covered by a warranty. This warranty is backed by an organization called Tarion. These warranties begin on the date you take occupancy of you new home. The Tarion warranty will cover deposit protection and delayed closing compensation in addition to defects in materials, major structural defects… For most condominiums, warranty coverage also includes the shared areas of the building, referred to as the common elements. For more information visit https://www.tarion.com

– Lower maintenance fees. New buildings require less maintenance and no renovations for at least a few years.

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