The pre-construction condo market is booming in 2021. More buyers than ever are looking to purchase pre-construction condos for multiple reasons: affordability, investment, and access to amenities.
In a seemingly unrelenting economy, many are turning to the most affordable options. This is where pre-construction condos shine. Compared to existing houses, purchasing a property prior to its construction allows the patient buyer to own a property that is as good as any that is already fabricated, but at a fraction of the price. Taking into consideration the rising cost of housing in North America with the simultaneous stagnation of wages, pre-construction condos are a wise choice for a budget-savvy buyer.
2. Investment property
Pre-construction condos are an excellent choice for real estate investors for multiple reasons. Investors are likely in a position where they are not purchasing property with the intent of immediately moving in and utilizing the space. They are instead able to continue residing in or utilizing their current property while holding out through the construction of their new purchase. Post-construction, they will then begin to receive return on their investment while still retaining ownership of the property, of course. In this way, investors are an ideal patient buyer.
Secondly, pre-construction condos are an excellent choice for the investor because more often than not, these builds offer a variety of choices in modifications to the build. This can include the number of bedrooms, the number of bathrooms, location of windows and doors, and various other layout choices. Real estate investors enjoy having these options because they can then hand-pick the structure and appearance of their purchases to best fit their unique needs.
3. Access to Amenities
New day pre-construction condos come equipped with top-of-the-line amenities such as state-of-the-art gyms, family-fit swimming pools, guest suites, party lounges, underground parking, individual locker or storage spaces and other times, rooftop views and even terraces. Pre-construction condos are the perfect option for acquiring affordable homes with access to outstanding amenities from the comfort of your own home while maintaining an upscale lifestyle. It's no wonder why agents are using real estate online marketing to target millenials for pre-construction condos in the GTA.