Choosing the right place to live is everything when it comes to pre-construction condos is much different than buying a condo purely for investment. As you make your journey through the condo-buying process, it’s important to keep in mind that you can work with the condo you buy and decorate it to make it your own, but you cannot change the neighbourhood or the area you’ll be living in. Hence, why many investors sacrifice space over location. Location counts for a lot when you are shopping for the right pre-construction condo.
Some of the most common things regarding location that “move-in buyers” take into account when they are looking for a condo in it’s pre-construction phase are the following:
● How close it is to a school
● The commute time to work
● How close it is to entertainment, shopping and dining
● It’s location in terms of proximity to public transport
● The different types of amenities nearby
When you buy a condo in the pre-construction phase you have more control over the new home that you are buying. You’ll have the chance to personalize it according to your own tastes by choosing the different finishes that you’d like to have. You’ll also be ultimately saving money in most cases since the condo will have gone up in price once it has been constructed, which ironically turns end users into unknowing investors consequently.
The sales of pre-construction condos in Toronto has been rising ever since 2016. This is when the mortgage qualifications became tighter. The demand for all types of condominiums has been on the rise in both the 905 and 406 municipalities.
Prices for condos within the city of Toronto area have been escalating and for this reason, many potential homeowners are looking for pre-construction condos in Scarborough and Etobicoke. Condos in these neighbourhoods come with lower price tags since they are more on the outskirts of the GTA region. Scarborough and Etobicoke both have a number of different pre-construction condominiums available in different areas.