New Development

Pre-Construction Condos

Pre-Construction Condos

Are Pre-Construction Condos a Good Idea?

The question a lot of you might be asking yourself is, are they a good idea? That can be a hard question to answer, since it’s so based on the individual. It’s been reported that the condo market is “on fire” and this is especially true within the major urban centres. The condo market has recently had a turnaround since the hight of the pandemic. 

According to some experts, this year might end up being a record-breaking year for condo sales. These experts also point out that if you’re living in Toronto or Vancouver you’ll notice “a crane on every corner.” This is very true to what it feels like downtown Burlington at the moment and the surrounding areas. 

It would seem that more and more people are looking at pre-construction condos. This is partly due to the fact that when you’re buying this type of property, you’re often offered perks and discounts. But what are the pros and cons to pre-construction? Recently, REMAX Canada created a list and we’re going to go over some of their points. 

Pros To Buying Pre-Construction  

When it comes to pre-construction condos there are lots of pros and cons. This can be true with anything in life, and it can be an important step when making the choice to make a major decision. 

One major pro to purchasing this type of property is the down payment. Coming up with the 20 per cent you need for a condo can be daunting for some people. But with pre-construction you can make pay it off over a four year period. 

Another really great point REMAX makes is that there are no bidding wars with pre-construction. “Because many units are available for purchase before the project starts, you do not need to engage in cutthroat bidding wars that add obscene premiums to the asking price.”

Another fantastic pro would be that you’re moving into a new unit, there’s nothing to replace because all the appliances are new, the floors are new, etc. In some cases you might have picked out everything yourself. Plus the value of the property would have appreciated before you ever moved in. 

Cons To Buying Pre-Construction  

Some of the cons to pre-constriction are the longer wait times, waiting for your property to be completed. Patience is important here, once you sign the agreement and pay the down payment it could take four to five years for your condo to be completed. 

The next con would be the sales tax involved, REMAX explains it like this, “there is a harmonized sales tax (HST) for pre-construction buildings because these units are brand new. While you are not paying a separate amount, the HST and the HST rebate will be factored into the price.” 

Finally, the closing costs are considered a con on this list and they usually run between 1.5 and three per cent of the purchasing price. However, when it comes to pre-construction condos it can be more. 

There are pros and cons to everything in life and it’s always important to review and examine them. Then you can make an informed decision, the help of a REALTOR can make this process easier. Lori and her team and here to help you through all of the steps of purchasing this type of property, or any type of property you’re interested in. 

Contact Lori VanDinther and Team 

Lori and her team of experienced real estate agents are ready to help you find the home of your dreams. Whether that’s a pre-construction condo or another type of property, they’re ready to help you make the right decision. 

If you have any questions about the topic of this blog or any other real estate questions, please contact Lori today. You can reach her and her team by calling 905-632-2199, or by email at info@loriv.com.

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Upcoming Condos in Burlington, ON Spring 2017

This spring of 2017, Burlington is going to see some new and exciting condominium developments. Namely 421 Brant Street Condos, Romance by the Lake Condos, Breeze Condominiums and Trend Living. Those looking to invest, the time is now. Let’s take a look at each one.

421 Brant Street Condos – Burlington downtown is getting another condo (by Carriage Gate Homes) that’s going to feature 27 stories, 183 freehold units. The project is in pending sales status which means keep an eye on this one. The location will be prime location in downtown core at the corner of James and Brant, close to all the action!

421 Brant Street Condos
421 Brant Street Condos

Romance by the Lake Condos – this condo is being built by Roman Home Builders at 2085 Pine Street in Burlington. The units are selling from $449,000s, and there will be 15 in total (sizes range from 942 to 3985 square feet). If interested you should register now!

Romance by the Lake Condos
Romance by the Lake Condos

Breeze Condominiums – new development at 35 Plains Road East in Aldershot area of Burlington, by Aldershot Properties Inc., features 80 units starting from $399,000s. Set for completion in 2017, if interested you should register now!

Breeze Condominiums
Breeze Condominiums

Trend Living – although this new condo development by New Horizon Homes featuring units starting at $239,990s is in in Waterdown, it’s super close to Burlington’s Aldershot and not too far from Tyandaga neighbourhood. Those interested in this condo development can register here!

Trend living
Trend living condos

Having an experience Burlington real estate professional to represent you during critical negotiations period is crucial to get the most out of your investment. Call Team VanDinther, they’re more then happy to assist.

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Alton Village West – Burlington’s New Development

The new master planned community, Alton Village West, is coming to the beautiful Burlington, Ontario! During the initial home development proposal the builder, Sundial Homes, has received an overwhelming amount of positive responses.

AVW_Site-Aerial-Photo-1024x673

Basically, the new development is located north of Dundas St and west of Walker’s Line. The community will be designed around the natural areas like the parks, pond and creek. It’ll definitely be a designer community, and lots of focus will be on the greenfield, nature, etc.

The exact completion of phase I is yet to be known but the sales have already started at the beginning of April 2016. You can register at builder’s website for more info and next steps. Consider getting a buyer’s agent first.

Living in one of Burlington’s most charming neighborhoods, will be grand and comfortable! With the offered 31′ and 36′ single detached, two story, modern, Victorian style homes, there is plenty of space to live and entertain!

Contact Lori VanDinther to help you make the right moves when selecting, negotiating and buying your home in Burlington’s Alton Village West. Having a buyer’s agent to represent you at the sales center is key when buying these kind of homes!

Alton Village West

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