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
Make sure you get the help of a professional
Remember to set aside some extra money over and above the sales cost.
- 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.
Remember to set aside some extra money over and above thesales cost
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.
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