Pros & Cons Of Preconstruction Real Estate True Wealth podcast

Pros & Cons of Preconstruction Real Estate

1y ago 25:32

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Buying a property is everyone’s dream. Have you considered buying a preconstruction or a new build home? This episode is for you!

When it comes to purchasing new build homes, we must understand all the Risks and Benefits. Whether you are a first-time home buyer or a seasoned investor, from time to time it is good practice to evaluate your requirements, and this is where this video will come in handy.

Pre-construction is an incredible opportunity that many investors have used to make fortunes. The condo market is thriving in Canada, and you can get in the market with a good purchase price if you know the pros and cons of pre-construction houses.

Pre-construction homes for sale are becoming increasingly popular in the GTA due to their numerous benefits.

Ability to pick your house Design
Low maintenance fees
Brand new house
Less bidding & cheaper

BUT! Like every other business, real estate also faces challenges that can’t be overlooked.

Construction Delays
Changes to mortgage rules or rates
Mortgage Approval Issues
Additional costs
Paying sales tax on new homes.

Some investors look at pre-construction condos as an opportunity to make money by either flipping those contracts for a profit or selling after one year of holding. If you are shopping in Toronto and saving for your down payment, pre-construction is a great option for you to get in early without needing to have the entire down payment right away. Hidden fees are also something that comes up very often which is why it is important for you to be working with a great realtor that knows the game and can protect your interest. A lot of people think that you can in fact save money by approaching the builder directly but often this is where they get you with all kinds of extra fees or costs that you do not have to be responsible for. Want to know how to get in?

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