Buying pre-constructed condos include high-level risk when it comes to an old building being renovated and converted into building space and transformed to pre-constructed condos. This will for sure delay the returns one has estimated on a property. A new buyer will unaware of the facts like this. Proper research in this will help them choose the best condo office. Since Real estate field is subject to market risk, It’s better to be cautious than to suffer after taking the risk. For instance, Mississauga Condos Planet is one such company that gives complete ideas in buying and decision making. But the choice is not restricted, have a look at this link to opt the best Condo office http://loopnet.com/. There should be a trusted body which provides us all the services needed while buying a condo including the suggestions and advice
There is more risk in buying pre-constructed condos in Canada compared to buying resale property or the one with completion. The important point to be considered before approaching a Condo office is as follows,
Reputation of the builder
The reputation of the builder is the most critical factor to be considered when opting for a pre-constructed condo. This can be found by having a glance at the local homebuilder’s websites. The references from nearby areas are also an added advantage as customer satisfaction indicates the effective success of a builder.
Tenure and number of Units in a Condo
Look out for the tenure for the completion of a condo. Increased years in completion of the project may result in a high material cost. The number of blocks or other units or apartments in a condo should be taken into account.
When a project takes too many years for completion, the financial condition of the buyer should be foreseen. This will help in evaluating whether the buyer will be qualified for a mortgage. Look for the interest rates after the completion.
Buyer may move in or assign it as a lease or rent it. Whatever may be the objective, selecting a builder based on the objective is more important. If it is to be rented, rental in and around the building area should be evaluated.
Minimal down payment with the power buying in the present, financial condition may vary at the time of completion, brand new home in today’s price with future value, wide selection of floor plans to choose with, the alteration can be done.
Government GST has to be paid when buying new, money will be tied up with the project for more than years, wherein the returns you get with investing the money in high-interest savings accounts. This risk is minimal. Reliability to the tenure as specified by the builder, If renting is the option, look out for the number of investors in the same complex with the same intimation. A Large number of investors with the same notion decrease the rental charges.
Buying pre-constructed condos is not riskier when deep research is done, objectives are rightly executed and luck turns around to be fortune