Over the years there has been much discussion about what makes the best sense from a real estate investment perspective. Is it Pre-Construction or Resale as the best option? Well, the truth is... it depends.
Many people want to invest in real estate and while some have the time money and energy to take on the adventures of being a landlord of an existing property, others shy away from this scenario or simply don't have the time to take on those responsibilities with tenants. There is one other option that provides the ROI of a real estate investment while taking away the front line efforts required to manage an existing property.
Buying pre-construction property specifically condominiums makes sense for a number of reasons.
New condominium properties are covered under Tarion Warranty so your pockets are covered if there are any structural issues.
"For most condominiums, warranty coverage also includes the shared areas of the building, referred to as the common elements. If eligible, the maximum coverage for common elements is the lesser of $50,000 times the number of units or $2.5 million." - See more at: http://www.tarion.com/Warranty-Protection/Pages/Condominium%20Common%20Elements%20Coverage.aspx#sthash.PyC5BRrd.dpuf
And let's face it, in an urban setting renters are more attracted to good locations and brand new units and will pay premium rents to be the first tenants; in many cases, the size of the unit matters less because of location. As well, provided you do you due diligence on tenant screening a brand new property will also attract a better quality tenant who will treat your unit like its their own home.
So, why buy pre-construction?
Well, most importantly, you will save money if you buy before the project breaks ground. You will also have many more choices with respect to the particular unit (i.e. size, floor, layout, location, parking, lockers) that is available. Usually after the special one day sales, it is slim pickings with respect to which direction the property faces, floor plans and what level the unit is on, etc.
In order for an investor to experience the most important benefits of Buying Pre-construction Condos the strategy here is to buy the units before it’s open to the public. Prior to opening day of a new condo sales office to the general public, prices may have gone up by $10,000 to $25,000. How can you get in and take advantage of these great savings you ask? Great question!
By registering here today, you will have an opportunity to invest in a unit at the lowest price possible before it’s open to the public. The 330 Richmond St. W. project is the latest opportunity to take advantage of these pricing incentives and other bonuses. We offer Pre-views by appointment only on February 17th and 18th before the day of the sale so you get Guaranteed First Access to the inventory and best pick at unit levels, floor plans, lowest prices guaranteed and Platinum Access Incentives & Promotions.
For more information, please register today