The Ultimate Pre-Construction House Buying Guide in Toronto

Close to one in three homes purchased in Canada are bought directly from a builder. While you may not have considered purchasing a house in the pre-construction stages, there are many benefits you can enjoy purchasing a home during the pre-construction stage. These benefits range from saving money and ideally reaping a large return on your investment when the time comes to sell your house, the possibilities for customization, the convenience of having a new home, and more. However, buying a home during the pre-construction process might not be the right choice for everyone for their needs, lifestyle, etc. It is important to consider the pros and cons before you consider purchasing a home during the pre-construction phase.

Pros for Buying A Pre-Construction House

If you purchase your home early on during the pre-construction process you might be able to purchase your home with a minimal down payment, while your home’s value will ideally appreciate over time. You can also buy at today’s prices, theoretically enjoying the benefits of your house’s future value. Moreover, if your financial situation is not amazing today, you can still purchase a new house and buy yourself time to improve your financial situation while your home is being built before the time comes to finance your home. Many brand new homes tend to be built in underdeveloped suburbs, this can allow you to avoid high costs and/or the bidding wars you might experience in expensive urban areas such as Toronto, Vancouver, and Montreal. Finally, newly built homes might offer more living space and be located on larger properties than older, existing homes.

Other advantages to purchasing a house during the pre-construction phase are the possibilities for customization since your house will be built exactly to your specifications. These customizations can potentially improve your home’s value while differentiating it from your neighbors' homes before it’s finished, helping you avoid future costly renovations. This means your house will be painted with your color palette, with your desired finishes, and appliances, saving you time and money, since all of the work will be done for you. New houses are typically built in the style that is popular today, such as open floor plans, larger eat-in-kitchen, walk-in closets, and more.

Additionally, new houses and condos are usually equipped with the latest technology built right in, such as alarm systems, speaker systems, internet, and cable wiring, saving you time, money, and holes in your walls. Another financial benefit for new properties is that you probably will not need to do as much maintenance since your home will be equipped with brand new appliances, plumbing, heating, air, and electrical systems. This will hopefully help you to avoid needing to do repairs for a few years. While utilizing new construction materials can help ensure that newly built houses are more energy efficient, potentially lowering your utility bills. While there are many pros to buying pre-construction or new construction homes, there are some potential cons you need to be aware of before buying a home in the pre-construction stage.



Comments

Post a Comment

Popular posts from this blog

How New Pre-construction homes build in Toronto?

 The process of building new pre-construction homes in Toronto typically involves several stages and steps. Developers and builders follow a structured process to plan, design, obtain approvals, and construct these homes. Here's a general overview of how new pre-construction homes are built in Toronto: 1. Land Acquisition and Zoning Approval:     Developers identify suitable parcels of land for potential development.    They assess the zoning regulations and land use policies to determine what type of residential        development is allowed on the site.    Developers may need to apply for zoning changes or variances if their proposed project doesn't      conform to existing regulations. 2. Feasibility Study and Planning:      A feasibility study is conducted to evaluate the financial viability of the project.     The developer assesses construction costs, market demand, and potential profit...
Read more

How Do You Sell a House Fast?

Image
Sell a house in today’s economic environment is difficult. Even when everything between the buyer and seller is relatively straightforward, selling a home is unpredictable. It is estimated that an average home in the UK is on the market for at least 50 days before it gets sold. And if the home is not in tip-top shape, it can stay on the market for many months.  Is it possible to sell a house fast, though? Actually, there are several things you can do to speed up the sale of your home.  Price It Correctly One of the most common reasons homes fail to sell is because the owner has either priced them too low or too high. When the price is too low, potential buyers think that there is a problem with the property. If the price is too high, potential buyers may not even consider looking at it. Because of this, you should begin by knowing the fair market value of your home. Many online tools can give you some idea of your home price by adding your postcode. You can even...
Read more

How Investors Make Money in Commercial Real Estate

  Investing in commercial real estate can be potentially lucrative and act as a hedge against stock market volatility. Investors can make money by increasing the value of a property when it is sold, but most of the profits come from tenants' rents.   Direct Investment: Investors can benefit from direct investment by becoming owners by owning tangible assets. Direct commercial real estate investments are best suited for individuals who have extensive knowledge of the industry or can engage companies to do so. Commercial real estate is a high-risk, high-yield investment. Such an investor is likely to be a wealthy individual as investing in CRE real estate requires significant capital.   The ideal property is in an area with a low supply of commercial real estate and high demand, which guarantees competitive rental rates. The strength of the local economy in the region also affects the purchase price of com...
Read more