GTA pre-construction homes are among the best properties to invest in 2021. However, without correct direction and guidance, you might find yourself doing more work and paying more money than you have to!
This is a guide helping you purchaseyour first new construction home in the GTA.
The GTA refers to the Greater Toronto Area. Itis a metropolitan area in Canada that is home to the city of Toronto and regional municipalities, including Durham, Halton, Peel, and York. It is one of the most populous areas of Canada and is home to 6 million people.
That’s not all –the population of the GTA is expected to increase marginally over the next five years. An increased population increases the demand for homes tolive in. Investing in a pre-construction homecan be a profitable opportunityfor people looking to dip their feet into the real estate industry.
Purchasing a pre-construction home in the GTA might seem like a daunting task, but all this can be remedied by hiring a real estate agent that specializes in new construction condos and homes. Some people shy away from agents – but little do they know;an agent can help them save money and help them through the process of purchasing real estate.
A real estate agent who specializes in preconstruction, has in-depth knowledge of pre-construction condos in the GTA. They will inform you of what is going on every step of the way. They will also offer priceless information on new homes in the market. That’s not all – agents who specialize in preconstruction get premium access to properties from builders even before they are open to the public or through other real estate agents. This gives you opportunities for special prices that other agents can’t provide.
A specialist in preconstruction homes also has insights into the whole process of buying a new construction condo or home. They can help you understand floor plans and the options for floor plans. They can help you understand what unique opportunities you have when you are looking for a new home build.
They can also help you to understand the legal matters of the new construction home in the GTA.
A real estate agent can take care of other monetary decisions such as warranties, rent, tax discounts, and the initial deposit structure. A good real estate agent through the financial decisions that come with buying a new home.
Like with any financial decision, it is essential to understand the pros of GTA pre-construction townhomes. The good news is that there are many benefits to investing in GTA new homes. Payments for pre-construction homes are made over a period of time in installments. The initial deposit structure is affordable and flexible for most people living in the GTA.
An advantage of a pre-construction home is that they usually will feature more modern styles of architecture and technology. When you invest in GTA pre-construction condos, you will get to enjoy new and innovative amenities and technology.
Canada has mandated warranty for newly built houses, condos, and townhouses. This means that your entire house is under warranty with the builder. In addition to that, there are other amenities that qualify for a warranty. Your builders will also have warranty agreements with third-party companies. A good real estate agent will also bargain for a more extended warranty for the amenities in your new house.
Check out our latest preconstruction properties in the GTA:JAC Condos
This is a good question for both Investors and End Users.
First, let’s talk about Lockers. Due to the space constraints of modern condos, a locker can be an excellent storage solution. Our experience tells us that in most cases, a storage locker is a benefit and will add to the value of your investment. With the prices of a locker being reasonable, we believe that purchasing a locker is money well spent.
Parking is another matter. Today we are seeing prices for a single parking space exceeding $100,000 in many projects. You must make a more serious decision when it comes to purchasing Parking. If your condo purchase is for yourself and a car is very important to your lifestyle, then a purchase is a good decision. If you are an investor, looking to rent out a 1 bedroom property in an area with an excellent walk score, maybe this is not an expense needed. In the long term, we see that a parking investment will trend to higher prices eventually and may help with the resale value of your condo.
In pre-construction, Interim Occupancy occurs when your unit is ready and the building is able to be moved into. While the property is considered liveable, you cannot be granted Title until the property is registered. You can live in your unit but not legally be the owner yet. Instead of paying your mortgage, condos fees and property taxes, you will pay the builder an Interim Occupancy Fee. Once the building is registered, the next step is the final closing, where you will be required to pay final few such as land taxes, title insurance and any remaining down payments.
TFN Realty: Each office independently owned and operated. We do not represent the builder. All renderings are artist concept. Floor plans, incentives, pricing are subject to terms & conditions and may change at any time without notice – see sales representatives for more details. E&OE