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Location can make all the difference when investing in pre-construction condos in Toronto, and one of the key influences on investment success is location. Finding an ideal property location will not only increase your new home or condo’s value, but can also enhance your quality of life. In this blog post, we’ll examine why location should matter when making investment decisions in pre-construction condos in Toronto.

Downtown Toronto: At Its Core

Downtown Toronto is one of the premier locations for pre-construction condos, with its vibrant atmosphere, cultural attractions, and close proximity to major business districts all converging to create a great investment opportunity with promising returns. From its top restaurants to world-class entertainment venues, downtown Toronto is not only an attractive investment choice but a great place to live.

Emerging Neighbourhoods: The Next Hotspots

Although downtown Toronto remains the primary focal point for real estate activity, several up-and-coming neighbourhoods in Toronto should also be taken into account for pre-construction condo investments. Liberty Village, King West, and Leslieville have seen rapid development over recent years, making them all promising locations for long-term appreciation in property value. These vibrant districts feature trendy cafes, boutique shops, and green spaces for an engaging urban lifestyle, making them ideal choices for young professionals as well as families seeking dynamic urban lifestyles.

Accessibility and Transportation: Key Factors

Accessibility and transportation options should also be considered when looking at pre-construction condos in Toronto, as this can increase desirability significantly. Being close to public transit options like the TTC subway and GO Transit makes commuting simpler, while being near major highways such as the Gardiner Expressway and Don Valley Parkway provides convenient access across Toronto and beyond.

Elevate Your Experience: Amenities and Lifestyle

Amenities and lifestyle offerings near a pre-construction condo can play an instrumental role in its value and appeal. Choose neighbourhoods that feature parks, recreational facilities, shopping centres, dining options, and experiences that meet your personal lifestyle preferences, be they urban or suburban. Investing in properties that match these preferences will result in greater returns over time.

Building Bright Futures: Access to Schools and Education

For families with children or those looking to the future, access to high-quality schools and educational institutions should be an important consideration when purchasing pre-construction condos in Toronto. With a diverse array of public, private, and specialized schools available in this city offering educational opportunities suitable for students of all ages, investing in an area near quality educational facilities can not only increase the value of your property but also foster its growth and development for generations of families to come.

To conclude, location cannot be underestimated when buying a pre-construction condo in Toronto. Whether you prefer city living or the more charming surroundings of an up-and-coming neighbourhood, selecting an ideal spot can have a dramatic effect on both your investment performance and overall quality of life. By carefully considering factors such as accessibility, amenities, schools, and lifestyle offerings, you can make informed decisions that align with both your investment goals and personal preferences, ensuring a successful real estate venture right here in Toronto!

What do you think is the most important factor when considering location for a new home? Connect with BAZIS on social media (Facebook, X, or Instagram) and let us know!

When it comes to investing in the real estate market in Toronto, prospective buyers often find themselves debating whether new development condos or resale condos are the smarter choice. While both options come with their own set of advantages and drawbacks, this blog will dive into why new development condos may offer a more rewarding investment opportunity compared to resale condos.

New Development Condos

Lowest Possible Price: One of the most appealing aspects of pre-construction condos is the ability to secure the best possible price. Builders and developers are looking to sell units to fund construction, so you get amazing value. Buyers also often have the opportunity to negotiate favourable deals directly with the developer, resulting in a lower purchase price compared to resale properties. Plus, you secure a price before the condo is built and ready to move in – by which time it has most likely appreciated in value quite considerably.

Flexibility in Down Payment: New development condos provide buyers with the advantage of spreading out the down payment over an extended period, usually across the first year. This longer timeframe to make your payment allows for better financial planning and flexibility.

Personalized Home: Unlike resale condos, new development condos in Toronto allow you to personalize your home from the very beginning. From choosing the layout to selecting the features, finishes, and other elements, you can tailor your condo to your exact preferences and requirements.

Top-Notch Amenities: New development condos often come with an array of luxurious amenities such as fitness centres, swimming pools, lounges, terraces, daycare facilities, and ground-level retail spaces. These amenities not only enhance your quality of life but also make the overall living experience more convenient and enjoyable. They also help to secure and increase your home’s resale value.

Better Investment Potential: As pre-construction condos are brand new and no one has lived in them, plus since they have top-notch features, finishes, and amenities, they have the best potential to appreciate in value over time. This aspect makes them an appealing choice for investors, as they stand a higher chance of gaining value when it comes time to sell.

Consideration of Long-Term Goals: Investing in a new development condo requires careful consideration of long-term goals. Because the wait times during the construction phase can be lengthy, you need to contemplate factors such as potential life changes, including marriage, starting a family, and needing more space, as well as whether you will still want to live in that area in the future.

Prime Location: Pre-construction condos in Toronto are usually located in popular neighbourhoods. These areas have everything you need: easy access to transportation, shops, entertainment, and all the modern conveniences. Living in these prime locations doesn’t just improve your quality of life, it also adds value and desirability to the property.

Smart Technology and Sustainability: Pre-construction condos often use smart technology and sustainable features that make life easier and more convenient but that also save you money on energy costs. Plus, they contribute to the overall long-term value of the property.

Resale Condos

Immediate Availability: A significant advantage of resale condos is their immediate availability. Buyers can occupy the property right away, making them a suitable choice for those who need a place to live or want to generate rental income immediately. Some new development condos may also be available for immediate move-in, however – depending on the stage of construction at which you make your purchase.

Potential Maintenance and Renovation Costs: Unlike pre-construction condos, resale properties may require costly repairs, renovations, or modernization. Buyers need to take into account the potential expenses associated with making the property suitable for their needs.

Bidding Wars: Due to the scarcity of available properties in Toronto, the resale condo market often fosters bidding wars. Buyers may find themselves competing with others and having to pay above the listed price to secure the desired property. With new development condos, there are no bidding wars and the prices advertised are guaranteed.

Potential for Limited Appreciation: Resale condos may not appreciate in value as much as newer or less-used units. Buyers often gravitate toward newer constructions, which can decrease demand for resale condos in the future.

In conclusion, while both new development and resale condos have their own merits, new development condos hold unique advantages. These include the potential to secure the best price, flexibility in down payment, the ability to personalize the home, prime locations, enticing amenities, and a higher likelihood of future appreciation. However, buyers must carefully consider their long-term goals and commitments before investing in pre-construction condos. While resale condos offer immediate availability, buyers need to factor in potential maintenance costs, bidding wars, and the potential for limited future appreciation. Ultimately, the choice between new development and resale condos rests on your individual preferences, investment goals, and financial capabilities.

Which do you think is the better investment option – new development or resale condos? Connect with BAZIS on social media (Facebook, Twitter or Instagram) and let us know!

Buying a pre-construction condo in downtown Toronto in 2023 can be an exciting opportunity. Investing in a pre-construction condo in Toronto gives you access to the best units at the lowest pricing, not to mention a brand new home that you get to customize to your liking! Pair that with an excellent neighbourhood and a reputable builder, and you’ve got yourself a slam-dunk. Purchasing a pre-construction condo is not only a great life choice, but also a lucrative investment if you choose to rent or sell later.

While the rewards are plenty, it’s essential to proceed with caution when investing in a pre-construction condo in Toronto. The process can be long and confusing, and if you don’t take care you can end up paying for it with your wallet or your sanity (or both!). We’ve put together a list of the most common mistakes of pre-construction condo buyers so that you can be empowered when making your purchase and enjoy the experience from start to finish.

Mistake #1: Not Getting Professional Advice

One of the biggest mistakes pre-construction condo buyers make is trying to cut costs and navigate the buying process alone. The process of buying a pre-construction condo in Toronto is complex. Before signing any legally-binding contracts, you’ll want to consult an experienced real estate agent, lawyer, and mortgage broker. There are many details to iron out before making major life decisions. These professionals can help you navigate your rights and responsibilities as a condo owner by helping you understand the terms and conditions of your contract. Additionally, they can advise you on the legal aspects of your purchase agreement and your financing options. They’ll also be able to spot any red flags or concerns on your behalf, and ensure that everything goes smoothly and that there are no surprises.

Mistake #2: Not Having a Pre-Approved Mortgage

One of the biggest blunders of purchasing a pre-construction condo in Toronto is when buyers make the assumption that they’ll qualify for a mortgage. Most pre-construction condo projects take years to complete, and your life circumstances can drastically change in that time. You may be eligible for a mortgage now but that might not be the case down the road. Before closing your deal, get in touch with a mortgage broker and make sure you qualify for a pre-approved mortgage.

Mistake #3: Not Planning for Closing Costs and Other Fees

Buying a pre-construction condo requires a considerable amount of financial planning. Many condo buyers look at the price tag without realizing that they’ll also be required to pay additional fees – for example land transfer taxes, registration fees, and legal fees. If you’re not prepared, these costs can quickly add up and become overwhelming. So, before making any decisions, you’ll want to ensure you’re aware of all the costs related to your pre-construction condo. Consider hiring a real estate broker who can help you understand your deposit structure, maintenance fees, property taxes, and closing costs. You’ll also need to factor in additional costs like the monthly interest rate on your mortgage (which can change over time), insurance fees, utility bills, and parking fees.

Mistake #4: Not Planning for the Future

Buying a pre-construction condo means buying a home that hasn’t been built yet. On average, it takes three to five years for a pre-construction project to be completed, depending on its size and complexity. It’s common for builders to face setbacks and delays in construction, which means that the time to complete the project and occupancy is unpredictable. Many buyers purchase their homes with their current lifestyle in mind, but when it comes to pre-construction condos, you need to consider where you’ll be in a few years. You’ll want to factor in potential life changes that may occur – for example, what if you end up having a child and a one-bedroom condo isn’t enough space? Before signing any contracts, think about your future and plan ahead.

Mistake #5: Expecting the Floor Plans to Stay the Exact Same

Many people fall in love with floor plans and renderings shown in marketing brochures without realizing that things can change. This can lead to disappointment when the finished condo isn’t exactly what they had imagined. It’s important to understand that when purchasing a pre-construction condo, you’re buying into the builder’s vision before construction begins. During the construction phase, it’s not uncommon for the initial floor plans to change slightly, either to create more space or to accommodate different features. The best way to combat disappointment is to ensure you’re working with a good builder who’s known to deliver quality results, and be ready to work with a flexible floor plan.

Do you have any questions about the pre-construction condo buying process? Connect with BAZIS on social media (Facebook, Twitter or Instagram) and let us know!

BAZIS is a real estate development company specializing in developing communities and pre construction condos in Toronto area. We’re committed to excellence in every facet of the commercial and residential real estate development process. Combining visionary architecture, design, marketing and construction with the epitome of corporate integrity and environmental responsibility, BAZIS has become a major force in articulating Toronto’s ever-evolving skyline.