It goes without saying that saving the necessary amount of funds to not only move into your dream home, but dwell comfortably between its walls, calls for a lot of diligence. Nest eggs do not grow overnight, and for many individuals – including DINKs (people with a “Dual Income and No Kids”), economic strategizing is absolutely called for. This is to say, you and your spouse must ask the difficult questions about what lies comfortably in your price-range when it comes time to shop around. For many, this means not only downsizing from a large home to a condo, but also thinking carefully about the type of condo that is most financially beneficial to you.
While there may be certain low-level risk factors when it comes to buying pre-construction (for instance, changes in plans or slight delays), it’s especially worth undertaking if you have a reputable team on your side, to help navigate the nuances of the vast world of real estate. CondoHere.com is, no doubt, a great resource when it comes to finding a place of residence about which you can feel confident – not only is their team of experienced, licensed real estate agents incredibly knowledgeable about the ins and outs of condos in the Greater Toronto Area, they can help you get the fairest price possible, without the hassle of having to deal with profit-oriented landowners.
Indeed, the shift in plans – from sizable home to a more condensed unit in a building – can be extremely practical for your wallet, as well as your lifestyle. Unless you plan on raising a large family (which is not exactly a popular trend amongst, say, millennials), then there is little reason to avoid the city-living intrinsic to the lifestyles of condo owners. Moreover, the financial benefits are truly astounding if you buy a unit that has yet to be built; in other words, purchasing pre-construction condos can mean the difference between going into debt and paying comfortably at rate that makes sense for your budget, according to your monthly income. Pre-construction means that you’re not necessarily obligated to put aside a large down payment while the unit is being built. Smaller sums are, instead, called for.
Additionally, because the unit will be in pristine condition when you do finally move in, there are no subsequent renovation fees, like the ones you would incur by purchasing older units, which are likely to be “fixer-uppers.”
So long as you conduct some research and familiarize yourself with some of the quirks of condo-oriented real estate, a pre-construction condo can not only make for a great place of residence, it can make for a comfortable home in which to prosper for many years to come. Once it’s built, you can settle into a brand-new condo and, ultimately, your life as the owner of one piece of the city you love.