How Does Buying A Pre-construction Condo Work

Buying a pre-construction condo is a great way to step into the real-estate market for some investment purposes. It not only allows you to have a better profit margin compared to other options but you can also get your hands on more premium locations.

The concept of investing in pre-construction condos is definitely very fresh but with its growing popularity, this investment option is dominating the market.

Tridel, as an expert in the industry with over 8 decades of experience has been providing Canadian citizens with attractive deals on apartments, condos, and pre-construction condos for residential and investment purposes and as an industry leader they have created a guide below that helps you understand how pre-construction condos work.

What is a pre-construction condo?

A pre-construction condo is the kind of property that you can buy before or during construction. Understanding the market of pre-construction condos could be a little overwhelming. That is why experts at Tridel are there to help you buy the best deal in the market with their attractive options and valuable insights.

Whenever you decide to buy something before it’s fully made, then you have a lot more options than others for personalization. In the case of condos, you will have the first choice of floor plans and views that will allow you to personalize your experience of your home greatly. Apart from that, you can also get a great deal on pre-construction condos that will be cheaper than fully-made condos. This is because when you purchase a condo before it’s made then you will lock the price and make the deal for what it’s worth then, and with time even if the price of the building increases, which is very common, then you will not have to pay anything extra.

In addition to this, pre-construction condos allow you the time to save money by securing it with a small deposit initially and you will not have to start paying the mortgage until you move in.

How Does Pre-construction Condos Work

Below, Tridel has mentioned some crucial steps that you need to take into consideration while buying a pre-construction condo.

1. Check your finances first

While a pre-construction condo can present an attractive deal but instead of being impulsive, you should get an opinion from one of Tridel’s preferred lenders to see how much you can afford. Advisors at Tridel condos are very trained to get you your desired deal within a budget that you can actually afford without emptying your pockets.

2. Review the floor plans and choose your new home

This is obviously the favorite part of the whole thing. You can visit the property, or review the prices and floor plans to select the ideal one for you.

You can also add some personalized elements such as color schemes and choice of materials and other things to add some upgrades to your home. You will only have this option in pre-construction condominiums because once the construction reaches a certain point you won’t be able to make any customization to it.

3. Signing the Agreement and Submitting the Deposit

After you are satisfied with your chosen property and selected the one you really like, then you can sign the agreement and make the deposit for booking. The booking deposit is generally 3% of 10% of the price. We also recommend consulting your lawyer before signing the contract for your own peace of mind.

4. Construction

Now your initial part is done, all you have to do now is to wait for the apartment to be built. You can also review the floor plans and construction progress from time to time and will also check who is moving into your neighborhood.