If you are looking for preconstruction condos and townhomes in Toronto, there’s plenty of options for you to consider. There are many entry level condos all across Toronto’s neighbourhoods for you to consider.
If you are not sure how buying a new construction condo (also known as a preconstruction condo) works, contact a real estate agent who specialized in preconstruction condos. They can help you understand the purchasing process and assist you along the way. Additionally, they will typically have access to many properties that are not available to the public – these are usually referred to as “platinum release” properties.
Contact ATeam Condos now.
If you are investing in a condo or townhouse in Toronto, the good news is that Ontario is one of three provinces in Canada (B.C. and Quebec being the others) that mandate warrantee coverage for all new build condos, and homes.
Although in Ontario a new home warrantee is mandatory, you should make sure that you get a copy of the warrantee in writing. You should also go online to ensure that the builder is a registered as a new home builder with the Ontario government.
If you are considering buying a loft or a condo conversion project, you may need to do some extra due diligence. Warranties for new condos don’t apply to conversion projects.
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