Buying a home is exciting. Buying pre-construction requires some delayed gratification. But not all wait times are the same. Follow these helpful tips that will get you into your pre-construction condo unit ASAP!
Choose lower level units
If you’re really trying to get into your new housing unit as soon as possible, you can pick a lower-level unit in the pre-construction phase. As you know, towers are built from the bottom up, and often, occupants will be allowed to move into the lower levels before the higher/highest floors have even received windows or sinks.
If it’s a larger project, pick the first tower
Some condominiums are built as part of a ‘masterplan’ meant to completely transform a neighbourhood-block with multiple towers scheduled for development. Whereas the first tower may be going up in the next four years, the third and fourth tower could be even farther down the road. To avoid prolonging your occupancy, pick the tower going up first, sometimes called ‘Phase 1.’
Move in before the unit is finished
Tenants are usually allowed to move into their condo unit before the whole building gets completed. Lobbies and external amenities may still be under construction if you decide to start your occupancy early, and you won’t be considered a full-owner until the entire building is registered as complete.
Pick a reputable developer
This is perhaps the most essential step to take in finding the right pre-construction condo. Because Toronto’s real estate market is one of the hottest in the country, it looks plenty attractive to inexperienced builders and investors who bite off more than they can chew.
Choosing the right developer is half the battle of purchasing pre-construction. All it takes is a little research to find out if the developer of the condo you’re interested in has a history of delays, financial struggle or flat out cancellation. Top-rated builders take pride in delivering their projects on time.
If you’re looking to buy into a project in an area that isn’t really seeing too much demand, the developer may have a hard time funding the project in its early stages. Therefore, they may have problems breaking ground.
There are such things as ‘delayed occupancy warranties,’ but it’s best to avoid this situation altogether.
Purchase your pre-construction condo in an area of high-demand, and you should have no problems seeing your building come to fruition. The developer will be under more pressure because there’s more demand on the units — demand funds the early stages of the project — and they won’t want to disappoint!