The Benefits of Buying Off Plan
Buying a condo off plan in a new project or a new phase has many benefits.
Nothing beats new
Being the first person to live in a new condo is priceless: in addition to the apartment being in pristine condition, it has also been personalized based on your choice of layout, materials, colours, and finishes. Without forgetting that new condo warranties provide coverage for construction or equipment damages or defects.
Once the contract is signed, the real estate market will still continue to evolve. This means future buyers can capitalize during the project’s construction and again when all the units have been built and delivered. In other words, considering the active growth of the housing market in Montréal, buying a pre-construction condo allows you to purchase at a fixed price, and then take advantage of the condo’s appreciation during the construction period.
New projects are often being built in up-and-coming neighbourhoods, where real estate prices are expected to rise considerably. Buying a pre-construction condo means investing in the future development of that neighbourhood.
The secret to making the most out of buying new?
Do your homework!
To make the most of buying off plan, arrive prepared. Carefully read the plans and ensure you understand the project to make an informed decision. Remember, the early bird gets the worm: the nicest units are usually the first to go.
Patience is a virtue
The months between the purchase and your condo possession date can seem quite long, but the wait will be worth it. The wait time can help you save extra money. For example, if your current rent is less than your condo expenses will be, you can put the difference aside until you take possession. As such, if you currently pay $800 per month in rent but will start paying $1,200 per month in 18 months, you could save $500 per month. This translates as $9,000 in savings by the time you take possession of your new condo.