Pre-construction condos in Vaughan are the ideal real estate in 2021. The city is becoming a popular location for investing and buying homes. Learning how to buy a pre-construction home is essential in making the right decisions for your future home. Choosing your new home in Vaughan can be easy when you research all about the area and how the payments for pre-construction homes work.
Vaughan is a city in Canada that is home to 300,000 people. As more people move to this area due to its proximity to the larger cities like Toronto, more real estate is cropping up to cater to peoples’ housing needs. One such type of real estate is pre-construction homes. These are homes that are bought before they are built. Investors are expected to put down an initial deposit and pay in installments.
For many, Vaughan is an ideal market for GTA homes. Real estate investors and potential homeowners are sweeping up Vaughan pre-construction townhomes. This is because there are advantages of living in the city and investing in new-build condos. Many people are getting into pre-construction homes because of their affordability. The initial deposit structure is friendly to most people who are looking into owning homes.
Initial deposit structures are usually 20% of the total price of the condo. Additionally, the rest of the payment is made in installments over the course of the building’s completion. When you have finished paying off the condo, you will be expected to pay a mortgage to the builder or developer. After completion of the building, the title of the condo will be transferred to your name.
Pre-sale condominiums in Vaughan are profitable niches in the real estate market. Most investors wait for a few years before selling their condos at high profits. Real estate is known to appreciate over the years, and taking advantage of these profit rates is suited to people who are patient enough to wait for real estate prices to soar.
As the owner of a new construction condo in Canada, you are liable to some unique tax benefits. In Canadian cities like Vaughan, Etobicoke, and Hamilton, you pay only 50% of the capital gains in tax from selling off your condominium. This adds to the total amount of profit gained from investing in Vaughan condos.
Another reason to invest in pre-construction condos in Vaughan is that they offer long-term financial security. Real estate is considered by many to be one of the safest forms of real estate. It lets you have a financial safety net in the long run. Having a pre-construction condo among your assets offers a quick source of cash in case of an emergency when you need the money.
Pre-construction homes also offer a level of control over floor plans, architecture, and amenities. Since you will be working directly with your developer, you can submit your ideas for your condo unit. Preconstruction investing is ideal for people who want to incorporate personal touches into their properties.
One of the questions people want to know about Vaughan real estate investing is whether to buy from a developer or an agent. Most people see real estate agents as an added expense in their investment. However, that couldn’t be further from the truth.
For some, it might seem like a good idea to forgo the help of an agent, however, most people don’t have a clue about how to buy a pre-construction condo in Vaughan. There are many real estate terms and legal issues that require you to have a knowledgeable person on your side.
A real estate agent’s job is to find for you the best pre-construction homes in Vaughan. They usually have deals with builders to have a pick of the best units in a condominium, even before the building is open for showings to the general public. Real estate agents snatch up the condo units with the best floor plans, architecture, and amenities for their clients. They will also help to bargain for longer warranties, discounts, and other such deals.
In general, it might seem tempting to deal directly with a builder, but most inexperienced first-time homebuyers will make rookie mistakes. They may end up paying for extra expenses that could have easily been avoided if they had a good real estate agent on their team.
The cooling-off period is a common term in the pre-construction home market. It refers to a period of 10 days after signing the Agreement of Purchase and Sale. It is a period where both the seller and buyer take some time off to decide whether they want to go forward with the sale or not.
During this time, should the buyer choose to back out of the deal, they will be refunded all the money previously paid. The best part is that there are no fines incurred if you choose to cancel the agreement during the 10-day cooling-off period.
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