Are you in the market for a new condo? If so, you may be wondering about pre construction condos. What are they? How do they work? And, most importantly, is this the right option for you?
What should I know about this?
Pre-construction condos are units that are not yet built. When you purchase a condo, you are essentially buying the unit off of plans. This can be a great option for those who want to get in on the ground floor of new development.
One of the biggest benefits of these condos is that they offer buyers the opportunity to get in at a lower price point. Because you are purchasing before the building is completed, developers often offer pre-construction pricing discounts to entice buyers. In some cases, these discounts can be significant — upwards of 20% or more of the final purchase price.
We hope this information has been useful to you.