Dancing between the resale market and the realm of pre-construction? As a developer who's partnered with hundreds of buyers to deliver their dream homes, in the early stages we're often asked "What are the benefits of buying pre-construction?"
Pre-construction has delivered great innovation to Toronto's rising real estate market over the years. Early home ownership provides buyers the convenience of spacing out their spending and holding an appreciating long-term capital investment. The pre-construction market is an industry key that unlocks financial and lifestyle freedom for homeowners, investors, and brokers.
Don't be fooled by the myths of owning modern luxury—buying a new home may come with fewer financial strings attached than you may think.
But first, let's start from the basics. What's our working definition of a pre-construction home?
Like pre-ordering a highly anticipated unreleased product, or shiny new vehicle concept, it's purchasing a home before it's been constructed. For condo developments, you have the chance to browse a variety of floor plans, blueprints, and digital renderings to conceptualize your finished unit. In addition, you'll be offered an immersive showroom experience—a hands-on walkthrough to explore finishes, floor plans, a 3D model of the development, and a chance to get a more realistic look at what you'll be buying.
The Benefits of Buying Pre-Con
Extended Deposit Structure
Ready to say goodbye to hefty up-front payments? Extended deposit structures are designed with your flexibility in mind. A major financial incentive for purchasing pre-construction is the flexibility of a 2-year extended deposit structure. Invest on your own terms and allow yourself the ease of a gradual financial transition without a daunting 20% down all at once. Here's to making sure your financial journey aligns seamlessly with your buying plans!
Avoid the Burden of Hefty Repair Costs
While the charm of a pre-loved home carries its own allure, the hidden costs can cast a dark shadow on the dream of home ownership. Consider this: a quaint fireplace and cozy basement that charmed you during your viewings, that now demand extensive repairs, slowly eroding the foundation of your investment. You actively eliminate these hurdles when buying pre-construction—modern living emerges as a beacon of assurance, a meticulously planned space that spares you from the ticking time bomb of unforeseen repairs. No foundation issues, plumbing nightmares, electrical surprises, or roofing headaches here.
The Tarion Warranty. Your Guardian Angel
In the realm of pre-construction, the Tarion Warranty goes the extra mile to ensure your investment so you can finalize your pre-construction home ownership with confidence.
As a pre-construction condo owner, you're entitled to comprehensive coverage on your new build for up to 7 years. This new home warranty covers water leaks, heating and electrical complications, and structural defects. Give yourself peace of mind with this no-hassle coverage—the builder pays the warranty enrolment fee prior to construction, and you're covered!
Buy at Today's Price for Tomorrow's Investment
Market forecasts can be insightful, but why play the market guessing game when you can invest with certainty? Homes are an ever-appreciating asset, and by investing in pre-construction, you're not just purchasing your future home, but you're buying tomorrow's investment at today's price. According to Re/MAX, the average price of a pre-construction condo in Toronto increased by 14% between 2019 and 2021. Buying before it's built is an excellent way to dodge market-induced stress, especially knowing that your condo purchase can significantly appreciate before you even close the deal! This is a powerful incentive for first-time homebuyers and investors with returns on investment.
Avoid Bidding Wars and Enjoy Exclusive Pre-Launch Pricing
Your stress-free ticket to home ownership is calling. Bidding wars can quickly reverse the excitement and optimism of home ownership. Early ownership allows you to sidestep this chaos—secure your dream home, design your own touches, be the first to move in, and experience modern living without the bidding frenzy! An added perk of considering early ownership is exclusive pre-launch incentives and pricing offered by developers!
Lower Condo Fees with Greater Passive-Income Potential
A brand-new condo means little to no unexpected maintenance and repairs. Think beyond the conventional—with lower condo fees, you're not only making a wise long-term financial decision, but paving the way for greater passive-income potential, and comfortable home living. Enjoy the added luxuries of being the first to move-in.
With the Right Developer, You're in Good Hands
Most homeowners invest in good property, but through us you're also investing in a promise. With a strong emphasis on tradition, Eringate Homes is paving a modernist vision that intersects with timeless living just for you. Eringate Homes puts your needs first—not only is every design element crafted, but competitive pricing and payment flexibility are on the table to ensure financial freedom and comfort during your ownership process.
Take pride in impeccable workmanship and designer layouts curated just for you—a truly strategic move towards a future towards a steadily appreciating investment.
As we conclude this exploration of the nuances between pre-lived homes and the poised advantages of pre-construction, your path to smart home ownership and financial investment becomes clearer.
The financial benefits of pre-construction homes are a definite stand out, modern structures and expert planning are a sound alternative to the potential pitfalls of unforeseen repairs in pre-lived homes. Let's not forget Eringate Homes as a symbol of assurance, offering a modern vision backed by the safeguard of the Tarion Warranty! Transcend the uncertainties and step into a future defined by security and confidence, and watch your steady, long-term investment grow.