Buying a Pre-Construction Condo in Toronto
Are you ready to invest in pre-construction? If so, you’re far from alone. Brand new units come with no shortage of benefits—from a more flexible down payment structure to your choice of finishes. They can also be an incredible investment. Of course, that doesn’t mean buying any pre-construction condo will do. By knowing what to look for in the early stages, you can spot true potential—and make the smartest purchase possible.
When you’re looking for the right brand new unit, here are five things to keep in mind…
1) The long corridor
While most floor plans look great on paper, envisioning how they’ll feel when they’re built out can be a challenge. All too often, features that seem like luxuries can actually have a negative impact on day-to-day experience. Case in point: long and spacious corridors.
As much as possible, you want your square footage to be usable living space. That means your kitchen, your living room—pretty much anywhere that isn’t a hallway or foyer. You should be just as suspicious of unusable-looking nooks and corners.
2) Pillar positioning
Another thing to look out for when you’re viewing floor plans is the position of pillars. When every square inch is precious, a concrete column in the middle of your living room is far from ideal.
Of course, that’s not the only potential issue with pillars. Having one in the wrong place can look plain awkward—and create significant challenges when you’re furnishing and decorating.
3) Balconies and terraces
Are you looking for a unit with a balcony or terrace? Right now, many of us are working from home—and doing all of our socializing outside. That makes opting for some private outdoor space a no-brainer. Of course, being selective still matters.
In some cases, your condo’s square footage may include your balcony or terrace. As much as you might enjoy that extra space, remember that it won’t be useable for much of the year!
You may also want to consider your view. Is there any chance you’ll wind up looking out at a concrete wall? The site next door could be developed in the not-so-distant future. To find out, contact your city’s zoning office.
4) Storage
Many condo buildings continue to stretch skyward, but the average unit size is shrinking. Unfortunately, the result can be less-than-adequate room for your prized possessions.
When the aim is maximizing space, built-in storage is ideal. Features such as walk-in closets can be immensely helpful. Remember that you can add custom cabinetry, so long as there’s space to install it without making your unit feel cramped.
5) Finishes
Getting to customize finishes is a nice bonus for some buyers, and an absolute necessity for others. That said, it’s important to be aware that what you’ll see in a model suite is usually a combination of standard and upgraded options, carefully styled by a professional designer.
You may like the look of hardwood and granite, but how much more are you willing to pay for it? My point is, it’s always a good idea to confirm what’s standard early on—and what’s going to cost you extra.
A pre-construction condo can be an amazing investment, but it’s critical that you go into it with your eyes open. By knowing what to look for—and what to look out for—you can make a purchase that will serve you well for years to come!
Have questions about what’s happening in the Toronto condo market? Call or text to learn more: 416-500-5360 / Email: info@rashidnotash.com
