It may seem like a strange concept but there actually are pre-construction buildings under construction in Toronto today. There are different types of pre-construction developments depending on their age at the moment of completion. Newer builds tend to sell faster because buyers know exactly what they get, however there are also older projects that offer great savings, especially since the majority of these condos are located close to downtown with easy access to transit. It would behove anyone considering pre-construction living in Canada to learn everything possible regarding this new trend in housing development. The first step toward learning how to navigate the market is understanding what it means when someone says "pre-construction".
Looking for something a little different? Maybe you simply prefer living near the water; however, if you've been searching for a great project in a serene waterfront setting, then look no further—you found it! With over 500 luxury condominium suites being added each year, pre-construction condos Milton are becoming increasingly sought after across Canada. So what exactly makes them special compared to other developments? These are only a few reasons: • They generally offer larger floorplans than average townhomes and apartments. Although smaller, 1 bedroom condominiums usually range from 750 sqft to 1000 sq ft. Average 2 bed apartments run between 900sqft - 1200 sqft and 3+bed apartment sizes begin around 1400 square feet per unit maximum. Not quite as large, yet considerably upscale, a 4 bedroom house could comfortably feature almost 2000 sq ft of space and still come very close to approximating a four storey home‘s size. • Construction typically takes less than three years. Because of this, the price point tends to be rather low and often includes full finished basement options ranging from 800 to 2500 extra deep cubic metres.
What sets pre-condo apart from conventional development, is the fact that units are constructed offsite at factory levels and shipped directly to site. Once on site, they are assembled, tested and connected together before beginning final finishing touches and moving upstairs to finish. By doing this, they save precious resources of land, labour and materials in the building phase resulting in lower costs for developers and greater resale opportunities for buyers. Additionally, since construction does not begin until everything has been completed including interior finishes, exterior details & landscaping, it allows builders plenty of time to develop design concepts specific to the neighbourhood they wish to inhabit and creates a unique sense of style and personality within the community. Many investors believe that once a pre-condo opens its doors to prospective tenants it sells itself and therefore tend to overlook any deficiencies. However, it must be noted that even though a pre-con appears “finished” during initial walkthrough, minor items may require attention prior to occupancy. So now you know, where to browse! Check back frequently for updated listings.
While everyone wants to live near beautiful parks, lakes, beaches and mountains when choosing a new abode, what many fail to realize is that there can be hidden costs when building a condo like maintenance fees, management charges, land transfer tax etc.. These hidden costs are why investors would rather rent instead since they would receive greater return on their initial expenditure. On top of that, the average one bedroom apartment rents for $800-$1000+ monthly depending on the neighbourhood and size of unit. That means a 30 year mortgage on a median priced condo could easily cost upwards of $250K to own. There are ways to save money though! By taking advantage of certain strategies, developers can cut down on rental fees, bring vacant units back onto the marketplace and even make a profit off of the sale after expenses.