If you’ve never bought a pre-construction condo before, but you think you might be interested in it, then this page is for you. Here at CondoGeek, we’ve helped a lot of people go from interested to investor in no time flat. And along the way, they all tell us that they’ve learned some valuable lessons.

We reached out to some of those people when were putting together this list. Why? We know, the best way to learn what to do is to learn from others that have already been there. So we asked them:

If you had to give advice to someone buying a pre-construction condo, what would you tell them?

We took all of those answers and put together a list of things that everyone investing in pre-construction condos should know before they purchase their first, or next, pre-construction condo:

 

Make sure you have a solid plan in place

Buying a pre-construction condo isn’t something you should go into blindly. As with any smart purchase, it makes sense to have a plan in place when you buy; that means, you’ll want to understand all of the risks and advantages of buying pre-construction. You can find all of that information out from an agent that specializes in buying those types of properties. Buying this type of property is dierent, and it literally pays to know what the dierence is.
"Arunan's personality, his knowledge, and the passion he displays for what he does is rare. Working with him was a great pleasure."

Make sure you get the help of a professional

Don’t go at it alone. It’s easy to think that all you have to do is walk into a salesroom and write a cheque, but the fact is, there’s way more to it than that. Having a professional real estate agent on your side, will make sure you have someone by your side that can help you make the best decision possible.
"We were impressed by Arunan's great negotiating tactics for both selling and buying of properties."

Remember to set aside some extra money over and above the sales cost.

Fact is, there’s more to it than just the upfront cost that you’re actually paying for the unit you buy. Here’s some of the extra costs you can expect:

  • HST – When you buy a pre-construction condo, you also have to pay HST on the sales price.
  • OCCUPANCY FEES – These fees are paid from the time you get your keys to the time the building is finished, and you receive your property title. One way to look at it is that, from the time you buy to the time you get the property title, your occupancy fees are like paying rent. You aren’t paying towards your mortgage until the building is finished.
  • LAND TRANSFER TAX – Just like any other real estate purchase, you’ll be paying Land Transfer Tax.

"We were impressed by Arunan's great negotiating tactics for both selling and buying of properties."

Remember to set aside some extra money over and above thesales cost

Is there a right time to buy? We think so. When you’re buying a pre-construction condo, timing is everything. Those that get in early get access to the best units, and usually get the best price.
"We were impressed by Arunan's great negotiating tactics for both selling and buying of properties."

Like we said, buying a pre-construction is all about having a plan in place and knowing what to expect. And we can help with that. Ready to take the first step? Then you’ll want the to stay ahead of other savvy investors by being the first to know about Toronto’s best, newest, and most beautiful condo buildings. For that, you just need to enter your email address below, and we’ll take care of the rest.

See? It’s easy to get started on your investment adventure.

Have More Questions About Pre-Construction?

Let’s talk today. Just fill out the form below, and we’ll get right back to you.
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- Kema Gonsalves

“We were impressed by Arunan’s great negotiating tactics for both selling and buying of properties.”

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