Questions You Should Ask Yourself Before Buying A Pre-construction Condo

Whenever you are making an investment in the real estate market, there is a lot to consider. While it may seem tempting at first, you still want to take the necessary measures to make educated decisions. For instance, you need to ask yourself some crucial questions before going into the real estate market. If you are stepping into the real estate market as a first-time investor, you should make sure to ask yourself the following questions:

Why Should I Invest in a Pre-construction Condo and Not a Resale Condo?

One of the best reasons to prefer Pre-construction condos over resale ones is the cost benefits. You can get the condo at a much cheaper rate in the preconstruction phase. On top of that, you are most likely to make a higher profit on the preconstruction condos than resale ones.

Apart from that, it is always great to buy something brand new and enjoy the luxury of modern interior and state-of-the-art styles. Pre-construction condos also provide you with the scope for customization. 

Do I Need a Real Estate Agent Or I Can Go Straight to the Builder?

Investing in a real estate market is a huge step for anyone personally, which is why you should take it seriously. The real estate agents are highly trained professionals who are committed to providing you with the right expertise and guidance to make an informed decision about your purchase. They will explore the market and will find the best deals for you. 

On the other hand, when you go to the builder, they are only interested in selling their own property so they might not be your best bet to make the right decision. 

Should I Buy a Parking Space with my Unit?

Before deciding on the parking unit you should ask yourself, do you see living there by yourself in the next 5 to 10 years, and is a car a necessity for you? If the answer to both the questions is yes then you should consider investing in a parking space. 

If you are willing to rent or sell your condo, then you may want to buy a parking space because your tenants or buyer will probably look for it when investing in the flat. 

What is a “Cooling Period”?

The cooling period is the duration for which the unit is reserved for you. It allows you the time to reconsider your decision and come to a final decision. As soon as you sign the Agreement of Purchase and Sale for your unit, you have 10 calendar days to perform your due diligence. During this time, you review your contact and also consult a pre-construction lawyer to be firm in your decision.

What Happens to My Deposits if I Change My Mind?

If you are still in your 10-day cooling period and decide to change your mind about the purchase, the builder is obligated to return you the deposit amount in full at the end of your 10 days. 

Do I Need A Lawyer?

Yes, at the time of your Agreement of Purchase and Sale reviewing you will need a lawyer during your cooling-off period, at the interim occupancy, and the final closing. At the time of purchasing a pre-construction condo, you will need to sign a lot of papers. You may need to get them reviewed by your lawyer. You should also make sure that the lawyer you have selected has experience with pre-construction condos because it involves a different process than a traditional resale. 

What Should I Expect at Closing?

At the time of closing, you will be faced with some additional charges along with some other specialized paperwork. At this point in time, you would have already done the down payment, and now you will need to set aside around eighteen to sixteen of the percent of your final purchase. 
It may seem a bit overwhelming to step into the real estate market as a first-time buyer, but with the right expertise, you can make the right decision. At Tridel condos for sale, you are provided with the right guidance to make informed decisions about your real estate purchases. For many decades, Tridel has been providing families and individuals with their perfect home and continues to be the leader in the industry.

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