The best condos for sale in Toronto at 99homes await the right condo buyer. Condo investment is on the rise once more. A lot of developers or builders start the trend in high rise condo living to cater to the rising demand. Regardless of the fluctuating market, condo buying promises lucrative return on investment. Nonetheless, it is quite important to know some fundamental facts about condo purchase for a wise investment.
Facts about Condos for Sale in Toronto
Condominium buyers and investors need to know the basics of the trade. For instance, the deposit is a vital part of every transaction. There is a higher deposit requirement for preconstruction condos which is 15% or 20%. Resale condo deposit on the other hand is 5% upon agreement signing. For preconstruction condo purchase, developers usually set a fixed amount to comply with upon the first signing of the contract. The balance to 5% is then due within 10 to 15 days.
What is the 10-day Cooling Off Period?
The 10-day cooling off period is for new condo buying transactions. Buyers or investors have 10 days to reconsider their decision to purchase the condo unit. The 10-day cooling period is based on calendar days rather than business days. During this phase, the buyer is also strongly advised to acquire a financing pre-approval. Condo buyers must also consult a lawyer and have the consultant review the agreement. Buyers who want to cancel the transaction within the cooling off period could back out of the agreement with their deposit returned.
On Condo Layout Changes
It is important to note that builders may potentially change the layout or floor plans of the units and buildings. This is for pre-build condo units in new residential buildings. Even after the agreement is signed, builders could still make changes such as adding or subtracting floors, changing the locations of amenities, and the unit or building layouts.
Notes on Resale Condos
New condos are quite popular but resale units also have their perks. Resale condominiums are in established buildings and grounds. Thus, you get to see the whole picture before making a purchase. This is different from new condos where buyers need to take risks.
Check the current market before investing on condos for sale in Toronto. Condo living is a popular trend in a fast-paced world. It is a feasible investment that offers numerous perks but may also have its pitfalls.