If you’re planning to buy a condo, you might be in a state of utter confusion right now! Purchasing a condo is exciting, as well as a daunting task. You need to consider numerous factors before making this significant investment.
To make an informed decision, you should take into account the factors such as the market value of the property, growth, and appreciation, reputation of the builder, price per square foot, as well as features of the condo. However, as soon as you decide to buy a condo, the very first decision to make is whether to buy a condo which is already constructed and ready to move-in or whether to purchase a pre-construction condo which hasn’t been built yet.
These days, most people prefer investing in pre-construction condos for a number of reasons. The pre-construction phase has become a more favorable option because at this stage the developers offer more competitive pricing to secure the funds required for completing the project. But this is not the only reason to think of buying a pre-construction real estate. There are numerous other benefits also of choosing a pre-construction condo. Read further to discover the top 5 reasons.
- Avail Best Prices
As discussed above, the biggest reason to buy a pre-construction condo is to avail lower initial prices. As you know, buying a property is considered as one of the most stable investments because the value usually begins to increase over the years. If you purchase real estate in the early stage of the construction process, you will get it at a base price without appreciation costs. Moreover, the builder offers the lowest price to raise funds. As such, this ultimately increases your return on your investment considerably.
- Opportunity to Customize
In contrast to a resale unit, pre-construction condominium gives you the ability to completely customize your condo. You can plan and design your space as you like because you get control over the design process. You can discuss with your builder all the features you want in your house. But when you buy an already constructed condo, you have to compromise with the features and finishes. While pre-construction real estate gives you an opportunity to customize your home according to your personal preferences.
- No Need to Renovate
If you buy a resale unit, you will need to spend thousands of dollars additionally to renovate the condo according to your needs. This will significantly increase your overall cost of purchasing the property. However, in the case a pre-construction condo, you don’t need to spend huge bucks for any major renovation for the first 10 years. Moreover, if homeowners find any structural issue, the builders fix it without charging any fees.
- Payment Flexibility
When buying a pre-construction condo, it is possible to give the down payment in a series of installment. On the other hand, for purchasing a resale unit, you will usually require to make a 20% down payment which can be hard for many people.
- Benefit of Incentives
In the initial phase, the established condo developers also offer incentives to attract prospective buyers. You may save money by availing these incentives such as adding some household appliances. You may also negotiate with the builder to provide you incentives like special finishes or different layouts at zero or minimal extra cost.