Common Myths Related to Purchasing A Pre-Construction Condo
A pre-construction condo requires a lot of financial investment. To make the right purchase, you need to consider all facts about purchasing a pre-construction condo. There are several myths related to buying a condo. These myths cloud the mindset of people.
They are not affordable
To many people, it seems like to buy a condo is a big investment. In fact, to buy a condo in most of the cases is a lot desirable and affordable option than a freehold home. As single-family home market has got beyond one’s spending capacity, most of the 1st time buyers are considering GTA coming soon condos due to their comparatively low price and abundant supply.
To find how much you can invest in a condo, you need to know your financial statistics that includes your monthly debt payments, monthly income, and the amount that you have to make a down payment. This will give you a precise idea of how much you can afford.
There is an unending wait for condo to get ready
People believe that if they purchase a condo at the time of the planning & development stage, then you will have to wait for a long time. One of the reasons for the delay is due to the inconvenience that is beyond the reach of the builder. These include labor strikes, poor weather conditions etc. You must do a research to find a reputable builder with a good track record to buy it. This will assure you of its timely delivery.
It needs 20% Deposit in advance
The deposit required for a pre-construction condo suite is around 20% of the buying price. For international buyers, this limit is nearly 35%. Trusted builders and quality don’t need a lump sum investment. Payments are generally spread out over a few months of time. It can even go for fifteen months.
Hope this information has uncovered the truth behind these popular myths. The right information would definitely help you buy the right one.