The prices of the condos are just as a fraction of their real value when they are complete. Most people who work in large cities, like living in condominiums. During the pre-construction period, condos are extremely competitive regarding the price. But it is important to note that condos appreciate over time just like any home. It is essential to note that pre-construction condos have the ability to be a great investment. So you need to ensure that the project of the building is slated for construction at the point where they will never stop the project.
You should consider purchasing the condo at a discount. This is important because when the building is complete, you will spike into the market value and sell your condominium. In this case, you will buy a pre-construction condo with the aim of living it yourself or renting it out for a long term duration. The following are some of the things you need to know about buying a pre-construction condos.
Registration of the condo
It is important to understand that whenever a building has passed all the processes of becoming a legal entity, they are supposed to be registered. Therefore, you need to understand what is required during the registration process. You can ask real estate agents to help you in the process if at all you do not know the steps to follow. During the registration period, the ownership of the condo is transferred to the buyers. Approximately the registration period can take a duration of three to two years.
Builder closing costs
After the condo has been registered, and there is a close on the purchase then you will be in charge of all kind of closing costs. If at all you are interested in taking someone’s contract, you need to ensure that you have checked on the amount closing costs that they negotiated. You also need to ensure that you have checked on the connection fees and you must have extra money for the closing costs.
You need to know the various types of builders involved in the building process. You need to ask the builder the exact time that they will provide a certificate of occupancy. And a certificate of occupancy is given when the building or the condo is nearing completion. At this point, it is the responsibility of the buyer to pay the balance and sign all the legal documents. Check out MCITY Mississauga for perfect condos that will change how your life.