Buying a Pre Construction CondoUNDERSTAND THE CONDO MARKET
Why buy a Pre Construction Condo?
Pre construction condos are a great way to personalize your home or for investing purposes. When you are purchasing a pre construction condo you get to select its finishes after the start of construction. Purchasing a condo at an early stage can have many benefits such as getting a great deal on pricing. The prices increase significantly after the condos have sold out. If you are looking to make an investment you also have the choice to turn the pre construction condo into an assignment, reselling it to another buyer before the completion of the construction. This in turn allows you to flip the condo for a quick return on investment.
What to look for when Searching a Pre Construction Condo
In the fast pace market, spotting the right pre construction condo can be a challenge and a risk if you don’t know what you are doing. There are always new pre construction condos being built but there are many factors to consider when looking at which condo to buy. Some of the factors you must consider when buying a condo:
- Search for a reputable builder
- Search for a good location
- Calculate what it will cost you and what may be your projected return
- Ensure to get the right to sell or assign your pre construction condo