Thinking of buying a condo? The market in the Greater Toronto Area is showing no signs of slowing down and Mississauga pre-build condos might be exactly what you’re looking for. Putting your personal touch on it by having your say on fittings and fixtures definitely has its appeal, but there are added considerations to take into account which many buyers may be unaware of. Working with a realtor is one of the best decisions you can make when purchasing a pre-build condo in Mississauga.
Benefits of Buying Pre-Build
As the name suggests, you are buying a not-yet-built condo directly from the builder before construction begins. This has its advantages, including:
- You are the first owner of the unit and you get to customize certain things such as appliances, cabinetry and flooring.
- Lower prices. Pre-construction condos tend to be cheaper because there is a risk that the project will be delayed or even called off. But this is not always the case, especially in certain high-demand areas like Mississauga.
- More time to save up for your condo. You pay the builder a series of payments as a deposit. The deposit usually adds up to 20 to 25 percent of the purchase price by the time of occupancy, depending on the builder’s deposit structure.
- Having the final say. Pre-construction condos provide the option for your input in the design plans and control over certain elements. With the ability to choose the appliances, finishing, cabinets, and flooring ahead of time.
Condos – especially in Mississauga – will naturally appreciate over time. The best opportunity to unlock the best appreciation potential is by taking advantage of early launch prices. Additionally, builders will usually throw in other incentive offers such as lower maintenance fees.
How A Realtor Helps
Buying a home entails documentation and lots of it, so the experience can be overwhelming for buyers, particularly if it is your first time. A realtor provides advice not only of the property’s true market value, but also the final cost after a myriad of closing fees are added in. A skilled realtor is also well versed in building plans, and will be able to identify if all of the necessary amenities are present and accounted for.
Realtors also have access to properties before they are released to the general public. There are VIP events for real estate agents, friends and family, and prices usually increase between the first and the second phase when it is released to the general public. They can help you negotiate everything from upgrades, to a cap on your development closing costs. The builder has also built in the fees to the buyer’s agent – in fact, they do not reduce the purchase price if you don’t use one. This transaction has so many nuances and subtleties that it is definitely worthwhile to get the help of an experienced professional.
A Mississauga pre-build condo is the perfect way to enter the market and a realtor will help you get it right.
Sushma Khinvasara is an award winning real estate agent with the expertise necessary to help buyers and sellers of all levels successfully navigate the fast-paced market in the GTA. She has consistently been recognized as a top performer for her brokerage, as well as Century 21 Canada, with a wealth of expertise in the following areas:
- First time home buyers
- New residential properties
- Property leasing
- Investment properties
Contact Sushma Khinvasara today to discuss all of the benefits of purchasing a Mississauga condo as a living space or as an investment property. Discover everything this exciting area has to offer and find the unit that is perfect for your specific needs.