Buying an apartment during construction may seem too early. Pre-built condos are apartments that you buy before or during construction. Buyers can also fall victim to property developers trying to sell blocks that are still in their early stages and still own more than 51 percent of the condominium project. Over time, the developer may no longer be able to sell the remaining units.
Condos that are unable to attract new buyers will most likely experience a decline in the overall stock value. Considering the low demand, the entrepreneur decided to rent out the unsold units. Then the total unit value will decrease. You can choose the best pre construction condos in Toronto if you want to purchase a new home for yourself.
Buyers are advised to consult an experienced attorney to add their own terms to each sales contract. By setting a fixed completion date, the buyer can be sure that he will return the deposit if the builder does not consider the timing. This type of agreement can even help protect the value of existing pre-sale units.
The property buyer must pay the contractor's labor costs in the combined amount of the expected monthly maintenance and mortgage costs over the planned term of the contract.
You should also consider the cost of apartment maintenance. They are only guaranteed for the first year of operation after the unit owner takes over the management of the complex. Developers tend to base initial budgets on the lower end to make apartments more attractive to more buyers overall.