Pre construction Homes
Pre construction means before construction. In the Pre construction industry, this term is used to refer to property that is purchased before its actual construction begins. All the Pre construction properties are usually houses for either residential or commercial purposes. Many people would advise you to consider investing in Pre construction homes because it is a kind of thing that is literally trending in this current world. As you ponder making yourself one of the investors or homeowners in this kind of set up, you have to ensure that you do everything pretty right. Doing everything right means that you have to find yourself a Pre construction development that is situated in a fantastic location because location matters a lot since it will influence several things as you move forward. Another thing is that seek a Pre construction development by a renowned builder or developer. This will help you ensure that you get the best investment. Don’t go for anything just for the sake of it. The last thing you should do is look for a project that has an assignable contract. This means that the project should have a contract that enables you to opt-out and sell it before the closure of the contract. If you observe all of these, you will be sure of grabbing something nice.
There are different types of Pre construction homes that can be easily made available to buyers or investors in Canada. Many cities across Canada are doing well in Pre construction developments. Condos, townhomes, semi-detached, and detached all have Pre construction deals. Many people have decided to venture into this kind of investment because of the great benefits that come along with it. Without wasting time take a look at some of the convincing benefits which are as follows:
No bidding wars
The Real Estate market in Greater Toronto Area is prone to bidding wars that occasionally occur when various houses are listed in the market. As it’s the case in any bidding, the highest bidder always carries the day. This is not different in the Real Estate market. Offers with higher prices than the quoted prices for houses are always brought forward and this makes it impossible for the potential buyers who may not have the capacity to compete in the bidding wars. In the case of Pre construction homes, bidding wars are nothing to worry about. The quoted price that you will see, is the exact price that you will pay to acquire the project or house. This makes it possible for you to try a hand in the Pre construction homes in Toronto if at all you are in love with this city.
If you have spotted any deal in the Pre construction industry don’t hesitate to seal it because of the fear that you will end up losing to people who stake highly. This will be the same case in other cities like Mississauga, Burlington, Oshawa, and Brantford. The Pre construction market has already protected you against the financial torture that you are likely to face when you decide to engage in the bidding wars in order to buy a new construction home. It will be unfair for you to be humiliated in a bidding war especially when it is your first time. So to avoid all that, you can select one of the Pre construction homes in Brampton or any city of your choice in Canada.
Extended deposit structure
Payment of deposit is a very common thing in the real estate market. Those who intend to buy a particular house are always required to pay a deposit which is simply a down payment before the commencement of acquiring ownership of a house. When buying a new construction home, buyers always pay the deposit at once without any compromise. This means that you have to be prepared with the exact amount the seller needs. In Pre construction homes, you will see a different scenario that will impress you. Here, the amount of deposit can be split into portions that can be paid at different times. For instance, if the deposit is 20% of the whole selling amount, a buyer can pay the deposit in two portions of 10% each or four portions of 5% each over a given period of time. You can pay the first portion when entering the deal and the subsequent portions may be at intervals of three months until you finish paying. This makes it easier for a buyer to plan themselves well as far as buying a Pre construction home is concerned. It is simply affordable to any serious buyer. In other words, it has taken care of that buyer who might be in dire need of buying a Pre construction home but they do not have enough amount of money to pay the deposit at once. This benefit applies to Pre construction condos in Hamilton as well.
Great resale value
Making profits is always the number one priority in any investment. When you decide to buy a Pre construction project, you will be able to see this at the time when you will want to sell your house. This type of project usually realizes high-profit margins during resale. The market price of the Pre construction development at the time of purchase will not be the price at the time of its completion. This means that, at the time when the developer will hand over the development to the buyer, the price would have tremendously increased. It does not mean that the buyer will have to pay more but it means that if the buyer decides to sell it at that time or any other time going forward, they will sell it at a higher price. Another thing about Pre construction homes is that the price of units tends to increase according to the portion of the project that has already been sold. For instance, the price of units when 70% of the project is already sold will be higher compared to the price of units when only 50% of the project has been sold. The value of the units also increases as the demand increases. If you bought your unit earlier there is no need to panic because this will not affect you. The only way that you will benefit from it is when you decide to sell your unit.
No renovations required
If you buy a Pre construction home be it one of the Pre construction semi-detached homes in Oakville or any other type, it will be handed over to you when it is completely new. In fact, you will be the first and only person to live there at that time. This means that the house will be in good shape as everything will be intact. You will not be required to conduct any renovations as it may be the case if you decide to buy an already existing house that may be having various faults or damages here and there. So you will not be stressed with leaking pipes, broken window panes, or even electrical faults. This will indeed prevent you from spending what you have not planned to spend. So you have the chance of saving yourself from dealing with lots of work that you completely had no idea about.
Freedom to customize
When it comes to Pre construction projects, you have the freedom of initiating changes that you want or think will suit you. Unlike in already constructed houses where you have to put up with the existing arrangement, here you are free to suggest changes to be made in the development. For example, you can decide whether the sizes of the rooms be increased or reduced. You can also decide on the positioning of the doors and windows, you can as well decide where the kitchen should be positioned among many other things. This kind of freedom is what you need as a buyer. This freedom will play a bigger part in ensuring that the house you live in is more comfortable and you like it. If you don’t like the positioning and number of washrooms provided you can have it changed to whatever you like. You do not need to accept something that you don’t fully love or appreciate so don’t let this chance slip your fingers.
You can visit the development
The opportunity of visiting the Pre construction development is something that you cannot wish to miss if offered the chance. The chance is there for you to utilize it if you decide to be one of the buyers of any of the Pre construction townhomes in Niagara Falls or any city in Canada. This benefit applies to the other types of houses as well. When you visit the development you can be able to see the progress and thereafter make some important decisions if need be. For instance, if you visit the development and find that you completely don’t like it no matter what, you can decide to quit and look for another development elsewhere. So this means the visit is very important as far as your investment is concerned. This is different from existing homes, where you just see the photos of the house and you have to base on that to decide whether you want to live there or not.
You can choose a location
It is always good to have a say as to where exactly will be your home. You will surely be happy to live where you like and most importantly played a key role in ensuring you live there. When it comes to Pre construction homes, you have the opportunity of choosing exactly where your unit will be located in the entire complex. For example, you can choose which floor you want your unit to be situated on. You can also choose whether you want your unit to be at the corner, in the middle, or at the extreme end. If it were for an existing or old housing complex, you have no choice but to rely on the few available units where all or most of them can be located where you do not like. This kind of advantage is always there even if it’s in Pre construction townhomes in Burlington.
Low or fair prices
When it comes to prices, Pre construction homes are always cheaper compared to new construction homes or even most of the old homes. The cost that you incur to get a Pre construction development can even be half of what you can pay somewhere to get an already newly built house. In most cases, the developers are always selling at lower or discounted prices simply because they are in need of more money to fund their other projects that may not be progressing well. Selling the units at low prices will attract more sales, especially from those buyers who were scared by the high prices of new construction homes. This will be a benefit to both the buyer and the seller because one will acquire a home in waiting while the other will get funds to continue with the business. In other circumstances, the developer is always more than willing to pay closing costs on behalf of the buyer.
Conclusion
From the benefits mentioned above, you can clearly see that investing in or buying Pre construction homes is a nice deal. If you think of the future and also saving your money then you have to go for such a deal because it will turn out to be a deal of a lifetime. You can try it anywhere across Canada. You can start by looking into the Pre construction homes in Toronto before you think of another city. There are plenty of these kinds of developments in Canadian cities.
The same benefits you will enjoy after buying a condo development are the same benefits other buyers will enjoy after or when buying Pre construction homes in Brampton. So the benefits are not limited to any particular place or region. You have no reason to give up your dream of buying a Pre construction house so that you can own a home right from its conception till the time you will decide to sell.