A pre-constructed condominium is an excellent way of getting a new space at a decent price. One of the advantages of getting a pre-constructed condominium is that it can be customized to match your style. Here are the things you be aware of when buying a pre-constructed condo:
1. Many pre-construction condominiums get delayed.
2. Expect to put up to 20 percent down.
3. You will have to pay HST.
4. New-build condo may attract additional closing cost.
5. You may be a tenant sooner than you planned.
6. Your condo fee may rise.
7. Lock in your mortgage rate beforehand.
8. The building may not look exactly like what you saw in the video or showroom.
Speak to your real estate agent today about your condo deal to know what to expect before starting.