Usually, preconstruction condos are a little more expensive compared to already built “resale” condos — about 5% more. But is that 5% justified? Here are 5 reasons why it definately is justifiable.

For a more holistic guide to buying preconstruction, visit this page.

Reason #1 amenities are changing

Preconstruction condos and newly built condos are like mini-resorts. Today, developers are building suites to suit professionals, not first-time homeowners. These condos feature rooftop infiniti pools, pool cabanas, spas, pet spas, full-feature gyms, yoga rooms, spinning rooms, movie theaters and more. You cannot get the same resort-like amenities in a 10-year-old building.

Reason #2 the finishes are aging

When we give an investor a current market analysis on a new project, we only include condos that are built within the last 10 years. Any condo built over 10 years ago is now dealing with upgrading lobbies, gyms, pools and other amenities which are aged by today’s  standards. Those upgrades come at a cost of rising maintenance fees and special assessments.

Reason #3 building finishes are changing

Builders are no longer competing on how cheaply they can make a condo. Before the builder Urbancorp went bang, we called them “Urbancrap.” They built “loft-inspired” condos, because it was cheaper to leave the walls and roof unfinished. However, the successful, reputable builders left today are all fighting a new game. They are now fighting for height, design, and luxurious features. Toronto has proven itself a first-class city, with a real estate budget to match.

Reason #4 the market is appreciating

It’s not new news that the Toronto condo market is appreciating. Even during the summer of 2017, when we had a hiccup in freehold prices, condo prices rose at historic rates. Developers are offering you the chance to buy a condo at today’s prices, and only pay it off in 2-3 years. Albeit, you also take the risk of the marketing coming down.

Toronto has proven itself a first-class city, with a real estate budget to match.

Reason #5 the hassel and the unknowns pay themselves back

Change is the only constant when it comes to buying new builds. The condo design can change, the amenities can change, or the closing date can be pushed back 2 years+. All these variables mean buyers who can deal with the uncertainty are paid back fairly once the condo is complete.

Rememeber, to get the best prices in a preconstruction build you need to buy during the first launches. For first access contact us.