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BRIAN PERSAUD
BabbleBee
reply 280 vote 17
 

Benefits of Buying Pre-Construction

Hi Folks for my book on investing in pre-con I'd like to get your opinion on the benefits of buying pre-con. I love case studies so if you have a great one I can get it published:

So here's the first question being poised in my book: Why buy real condos pre-construction?
41
Canada / New Home Q&A
 
 
 
MARCO DIFOTI
Senior Buzzer
reply 529 vote 32
 
 
Leverage... Trying to take advantage of the appreciation in value, while not having to put much money down.
At the end of the day, it is a part of a wealth accumulation strategy... It gives me property, rental incomes, and capital valuation (which I can then mortgage off, and leverage the increase)..
 
 
DANIEL STEINBERG
Buzzer
reply 40 vote 2
 
 
Of course the answer to the first question is simple - you can purchase pre-con at a lower cost. Clearly it depends on several factors. While purchasing pre-con may be necessary for someone with a limited amount to put down, it will also need to be someone who is a bit more of a risk taker. Depending on location, amenities, etc. etc. etc., you can't be 100% certain that your condo will appreciate (despite what Brad Lamb says).
Also, you never know about construction delays. A friend of mine purchased pre-con at Yonge and Eglinton many years ago (I forget which building), and then they discovered massive problems underground, delaying the project several years. Luckily he was someone who had somewhere else to live affordably in the meantime, and at the end of the day, he made a lot of money on the purchase... but he had to carry the investment 5 or 6 years before it had appreciated.
 
 
MARCO DIFOTI
Senior Buzzer
reply 529 vote 32
 
 
Daniel said:
Also, you never know about construction delays. A friend of mine purchased pre-con at Yonge and Eglinton many years ago (I forget which building), and then they discovered massive problems underground, delaying the project several years. Luckily he was someone who had somewhere else to live affordably in the meantime, and at the end of the day, he made a lot of money on the purchase... but he had to carry the investment 5 or 6 years before it had appreciated.

Daniel, if looking at it from an investment perspective, then a delay is the best thing ever! The unit continues to appreciate while you put down very little money. I am sure that after 6 years of delays (wow, that is long) the selling price per square foot was way beyond what he purchased it for.
Too bad he was an end user in this case!
 
 
CHRIS DULABA
Buzzer
reply 73 vote 5
 
 
Similar to what others had mentioned, another major benefit of pre-con is that a purchaser can take advantage of promotions that are often being offered up by the developer. These include free upgrades, rebates, etc. I also think that anyone who purchases a pre-con should plan for delays as many things can happen between the time of purchase to possession.
 
 
NHINCOMPOOP
Buzzer
reply 28 vote 2
 
 
Pre-con offers more customization options than in an already finished unit. And it comes with that "new condo" smell.
 
 
AMAR PAL
Buzzer
reply 98 vote 7
 
 
-Best Selection: A good building in the right location by the right Developer will always be sought after, but if you wait until it's built you're only picking between the select few listed for re-sale. Buying pre-construction gives you a chance to get the exact plan you want, on the floor you want, with the view you want, with the exposure you want, outdoor space you want etc.
-Time to save up: Great for first time buyers who can set a goal to put aside more money while construction occurs, while they rent or live at home
-Full life of new home warranties
-Potential appreciation on minimal investment(as already mentioned)
-Assignments: As an investor you might be able to assign your contract before completing; making investment profits without having to even take on a mortgage or put down more than your deposits
 
 
DANIEL STEINBERG
Buzzer
reply 40 vote 2
 
 
Marco said:
Daniel, if looking at it from an investment perspective, then a delay is the best thing ever! The unit continues to appreciate while you put down very little money. I am sure that after 6 years of delays (wow, that is long) the selling price per square foot was way beyond what he purchased it for.

Totally agree. But in my friend's case, his intention was to move in as soon as it was built... he obviously had to make other plans once the delays set in. Nonetheless, at the end of the day, he made some nice money on the investment - it just took a while and was a little dicey while they figured out if the project would ever materialize.
P.S. I think it was 6 years but it may have been fewer, like 4 or 5.
 
 
LEONARD THE BEE
Buzzer
reply 161 vote 3
 
 
Thanks to Jace Anderson, straight from Medicine Hat Alberta, who had the following two positives to add:
Jace Anderson said:
A) need a place to live? B) price fixed?

Source: http://twitter.com/jaceanderson/status/16204830175404032
 
 
MICHAEL WINESTONE
Buzzer
reply 52 vote 3
 
 
Pre-Construction would be a great long term investment if we didn't have the following:

1. Prices above $600sqft
2. People who buy and then try to flip for profit as early as possible (sometimes on assignment).
3. Builders who factor in future appreciation into the pre-construction prices.

Nobody is going to make much money at $600+ per square foot for pre-construction. As these crazy prices are fairly new to the market, nobody really sees it yet.......although BSN could be used as an example. 30+ investor units currently for sale and most are in the process of reduction after reduction. Even worse is that it's going to take a tiny shift in the market to cause a lot of people to lose a lot of money.

Just my 2 cents...

Michael
 
 
BRIAN PERSAUD
BabbleBee
reply 280 vote 17
 
 
Great insights. I like the discussion within the buzzbuzz family
I've seen people wanting to buy for the following reasons:

Modern Architecture
Ease of management and low maintenance costs
High demand for tenants and low vacancies
want a Pied-à-terre close to work and the downtown action
Anyone have any experience with the above or have any others? I love hearing stories like Daniel (can you get your friend in touch with me?)
 
 
MATTHEW SLUTSKY
Senior Buzzer
reply 2214 vote 132
 
 
Brian said:
Great insights. I like the discussion within the buzzbuzz family
I've seen people wanting to buy for the following reasons:
- Modern Architecture
- Ease of management and low maintenance costs
- High demand for tenants and low vacancies
- want a Pied-à-terre close to work and the downtown action
Anyone have any experience with the above or have any others?

Hey Brian, I agree with your points above, but those can be obtained by purchasing resale condos as well as pre-construction... It might be worth a whole new discussion on just the benefits of condos in general.
Back to topic, I think that one of the great aspects of buying pre-construction is the environmental aspect of the buildings and the new technologies that the buildings use, which you may not receive with older buildings.
While I have seen from other conversations on the forum that the "environmental factor" is not such a key purchasing decision, it is definitely something that interests me and is an added bonus...
Then, there is the technological advancements such as better heating / cooling systems, better lighting systems, more functional designs, talking elevators.... etc..etc...
 
 
BRIAN PERSAUD
BabbleBee
reply 280 vote 17
 
 
Hey Matt,
I've seen some custom homes with filtration systems so powerful that it can clean all water going down the drain for use in toilets, washer and dryers and outside.
Metrogate seems to be the leader, among a lot of things, it has a co-generation, which is cool (but it works on fossil fuels)

m5v has "ok" green finishes.
Any new technologies jump out?
 
 
MATTHEW SLUTSKY
Senior Buzzer
reply 2214 vote 132
 
 
Brian said:
Any new technologies jump out?

My favourite green feature doesn't sound all that impressive, but it really is amazing and I am sure that it would safe an amazing amount of electricity.
A master power-switch at the entrance/exit of a condo. Leaving your condo, and realize that you left a light on in the bedroom? No worry, the master-switch at the front door turns off all non-essential power in the suite.
I have started to see this in condominiums, and it is an amazing feature, especially for multi-level suites and larger suites.
 
 
BRIAN PERSAUD
BabbleBee
reply 280 vote 17
 
 
I love those too Matt
What about modern layouts?
For example do you buy specifically maximized open space (feel bigger and more useful in a smaller space)?
 
 
MATTHEW SLUTSKY
Senior Buzzer
reply 2214 vote 132
 
 
Brian said:
What about modern layouts?

Great question Brian, and something that I feel quiet strongly about...
Designers, developers and builders are getting better at building small suites. Is it just an illusion or have new designs and technologies made such suites more livable and spacious?
Before delving deeper into my thesis of better small units, its important to note that one bedroom suites are in fact becoming smaller. Whereas 1,100 square feet for a one bedroom was common in the 1980s, the market standard is now at about 550 square feet for a one bedroom – that’s a lot of lost space!
Opposed to the 1980s, in the current market, small condo units are mostly purchased by first time buyers and young professionals - not the affluent downsizing market of the '80s - who want to own but cannot always afford the high price of single family homes. While suite sizes are shrinking, the livability of these suites is not diminishing.
"Small spaces are not for everyone, but with the right location a small condo unit can be one of the best investments you can make" says Carmen Dragomir, Principal Designer of esQape design inc.
"Many condos have irregular shapes and while most people may be afraid of a room that is not a perfect rectangle, I actually think that could be a huge benefit. Because all these corners and nooks can become highly usable once you consider a built in." Dragomir further states, "need more shoe storage or a small desk and bookcases? Consider a built in. Not only you can utilize the full height and width of each wall of the room but you make your unit functional and unique!"
Cityzen Development takes much of their inspiration for small suites from European influences, and they often travel to Europe scouting out new design technologies. "The Europeans are the leaders in space planning, from their kitchen and furniture designs to appliances," says Sam Crignano of Cityzen Group, "they have for years designed rooms for various uses, a dining room converts into a bedroom; a kitchen is used for laundry." Much of these European influenced designs can be seen in the smaller suites of Cityzen's The L-Tower, London on the Esplanade, and the Absolute Towers.
"Design is the big issue," says Jim Ritchie, VP - Sales and Marketing at Tridel, "open concepts eliminate the number of rooms making for a livable and airy design." With the open concept design, as Ritchie says, "less is more". With fewer rooms and walls, the units become more efficient, not wasted hallways and space. Further, with the open design, and large windows, suites become filled with light making for a spacious feeling unit. Tridel has very livable smaller one bedroom units available in 300 Front Street West, Verve and the James Cooper Mansion.
With the open design, the suite becomes mixed use. There is no finite "live" space or "eat-here" space. With regards to the kitchen, Dragomis says, "we go there to cook, eat, entertain, and even do homework. It's a receptacle for all sorts of things. Let go of duplicates, one serves the function."
In fact, Tridel has perfected the open concept linear 24-sqaure foot kitchen (12 feet long, by 2 feet wide). This design, coupled with new technologies has made the kitchen a usable and efficient place to cook and hang out.
One of the biggest space savers in kitchen technologies is the "micro-wave vent hood combination". No longer do you need to find a countertop or a cupboard to fit your microwave... no longer is the vent above your stove useless space... with the microwave/vent combo, the microwave sits above the cooking element and the vent is attached. Brilliant!
What about the smaller design issues that most people wouldn't think about?
According to Ritchie, there are small design aspects that will make small units appear more spacious, and feel more livable. Two examples are the, "single floor product" and higher ceilings. By making the majority of the unit in the same floor product, the open concept layout feels even larger as different flooring products are not breaking the flow of the unit. Think about 9-foot ceilings over 8-foot ceilings, thus increasing the volume of the unit.
Don't buy it? Well, if you are still concerned about small square-footage, don't forget that condominiums are now built with a plethora of amenities that act as an extension to personal space. Tridel is adamant about ensuring that its buildings contain both great Health and Wellness amenities along with impressive Social amenities.
 
 
MICHAEL WINESTONE
Buzzer
reply 52 vote 3
 
 
The buildings can be fabulous and "green" and offer a slew of amenities....but the bottom line is still that the dollar being paid makes no sense, the general average size for the units makes no sense and the intentions of the purchasers make no sense. At $750sqft (the pre-construction cost of some of the downtown buildings), a small 550sqft unit would be about $412,000 Factor in parking, locker and height premiums and you can easily hit $450,000. 3 years later if prices were to continue at the same pace as the past 5 years, that same building would resell for $900sqft, or $495,000 (or about $540,000 with extras). Why would someone pay $540,000 for 550sqft??

I am optimistic in that Toronto is a fantastic city and we have a lot to offer people coming into the city.......but the numbers just dont make sense.....at least with the condo market.


Mike
 
 
NHINCOMPOOP
Buzzer
reply 28 vote 2
 
 
Brian said:
Any new technologies jump out?

It's not that modern anymore, but bi- and tri-sorter garbage chutes are awesome. With the increase in municipal recycling and composting, it's nice to be able to throw recyclables and organics down a chute rather than have to take them downstairs to a communal bin.
 
 
MATTHEW SLUTSKY
Senior Buzzer
reply 2214 vote 132
 
 
nhincompoop said:
It's not that modern anymore, but bi- and tri-sorter garbage chutes are awesome. With the increase in municipal recycling and composting, it's nice to be able to throw recyclables and organics down a chute rather than have to take them downstairs to a communal bin.

Hey NhinComPoop, have you had any experience with Tri-Sorters? I have have very little experience, but from my understanding, it is really troublesome in large buildings.
I am told that only one person can use the chute at the same time, meaning that there are times when people have to wait in the garbage room for a few minutes due to the congestion. This does not sound terrible, but I am told that in such buildings people get frustrated over time, and just leave their garbage in the garbage room for someone else to deal with it.
Anyone?
 
 
CARMEN DRAGOMIR
Buzzer
reply 28 vote 3
 
 
Brian said:

What about modern layouts?
For example do you buy specifically maximized open space (feel bigger and more useful in a smaller space)?


Hey Brian, talking about modern layouts- I happen to be involved in designing some of these layouts in the pre-marketing phase- interesting to note that the type of the layout depends on the location and buyer's lifestyle- for eg- in Toronto small suites or...very very small suites :) but in convenient locations and lots of amenities and retail around is a win win proposition. In some parts of Vaughan people are looking for a mix of small to large spaces but also decent living/dining areas, they really don't want to have to choose between either sitting on a bar stool or on the dining chair- in some cases you can only choose one or the other :). Simply put, modern layouts with awkward corners and curves are for some of us, I would say more for first time buyers or young families, while traditional spaces with simmetry and balance between the size, height and style of your interior space is for baby boomers looking at downsizing in a condo but closer to nature than to downtown...lots to talk about layouts, I should write a blog post about it one day! :)
 
 
NHINCOMPOOP
Buzzer
reply 28 vote 2
 
 
Matthew said:
nhincompoop said:
It's not that modern anymore, but bi- and tri-sorter garbage chutes are awesome. With the increase in municipal recycling and composting, it's nice to be able to throw recyclables and organics down a chute rather than have to take them downstairs to a communal bin.

Hey NhinComPoop, have you had any experience with Tri-Sorters? I have have very little experience, but from my understanding, it is really troublesome in large buildings.
I am told that only one person can use the chute at the same time, meaning that there are times when people have to wait in the garbage room for a few minutes due to the congestion. This does not sound terrible, but I am told that in such buildings people get frustrated over time, and just leave their garbage in the garbage room for someone else to deal with it.
Anyone?

My building has 2 sets of garbage chutes, one with a tri-sorter and one with a bi-sorter + garbage chute. I haven't often encountered simultaneous garbage disposal scenarios, but yes, you do need to wait until the indicator shows the chute is available.
From my experience, garbage on the floor is a common issue in many buildings - special sorters or not.
 
 
CARMEN DRAGOMIR
Buzzer
reply 28 vote 3
 
 
Matthew said:

I am told that only one person can use the chute at the same time, meaning that there are times when people have to wait in the garbage room for a few minutes due to the congestion. This does not sound terrible, but I am told that in such buildings people get frustrated over time, and just leave their garbage in the garbage room for someone else to deal with it.

Anyone?


It's true!!! but you don't have to wait for minutes, it's probably 1min max (if the chute is still functioning properly :)) so to me is not a bit deal, to others it seems that it is, they leave the garbage on the floor sometimes in a broken bag and they also leave the door open to the corridor so everyone can smell it! Yes, we can all get frustrated when we have to wait for 5 min or more for the elevator or wait until next saturday to book the party room... I think I mentioned this before, we have to be civilized when sharing with others the amenities and common areas- otherwise why live in a condo?
 
 
JEREMY SHIFTLER
Buzzer
reply 161 vote 1
 
 
Brian said:
Why buy real condos pre-construction?

Easy as pie: No one has used the bathtub or the toilet.
 
 
BRIAN PERSAUD
BabbleBee
reply 280 vote 17
 
 
Great stuff evreyone, Carmen i'm really interested in hearing what you say about layouts
 
 
CARMEN DRAGOMIR
Buzzer
reply 28 vote 3
 
 
Brian said:
Hi Folks for my book on investing in pre-con I'd like to get your opinion on the benefits of buying pre-con.


Brian, hope these few tips will help condo buyers know what to ask (from a design stand point) when looking into buying a pre-construction condo! Everyone is asking me for tips, so why not share them here :)
http://carmen.buzzbuzzhome.com/2010/12/condo-spaces-what-to-look-for-when.html
 
 
CARMEN DRAGOMIR
Buzzer
reply 28 vote 3
 
 
Brian said:
Great stuff evreyone, Carmen i'm really interested in hearing what you say about layouts


Brian, my next blog post will be just about that! stay tuned :)
 
 
BRIAN ELIZABETH
Buzzer
reply 164 vote 7
 
 
I do not think that anyone mentioned the warranties! Not only is everything new, but everything is protected for a few years! My washing machine recently broke, and it was such a pleasure not having to pay to have it (or, anything in my pad) fixed!
 
 
EUGENE MEZINI
Buzzer
reply 157 vote 6
 
 
Michael said:
The buildings can be fabulous and "green" and offer a slew of amenities....but the bottom line is still that the dollar being paid makes no sense, the general average size for the units makes no sense and the intentions of the purchasers make no sense. At $750sqft (the pre-construction cost of some of the downtown buildings), a small 550sqft unit would be about $412,000 Factor in parking, locker and height premiums and you can easily hit $450,000. 3 years later if prices were to continue at the same pace as the past 5 years, that same building would resell for $900sqft, or $495,000 (or about $540,000 with extras). Why would someone pay $540,000 for 550sqft??

I am optimistic in that Toronto is a fantastic city and we have a lot to offer people coming into the city.......but the numbers just dont make sense.....at least with the condo market.


Mike


Hey Mike,

Look at the prices from 5 years ago though. People would have said its crazy to pay $450,000 for 550 sq ft back then. Plus whether we like the prices or not, one thing is for sure that there is a lot of demand and not enough supply.

Eugene
 
 
BRIAN PERSAUD
BabbleBee
reply 280 vote 17
 
 
Eugene said:
Michael said:
The buildings can be fabulous and "green" and offer a slew of amenities....but the bottom line is still that the dollar being paid makes no sense, the general average size for the units makes no sense and the intentions of the purchasers make no sense. At $750sqft (the pre-construction cost of some of the downtown buildings), a small 550sqft unit would be about $412,000 Factor in parking, locker and height premiums and you can easily hit $450,000. 3 years later if prices were to continue at the same pace as the past 5 years, that same building would resell for $900sqft, or $495,000 (or about $540,000 with extras). Why would someone pay $540,000 for 550sqft??
I am optimistic in that Toronto is a fantastic city and we have a lot to offer people coming into the city.......but the numbers just dont make sense.....at least with the condo market.

Mike

Hey Mike,
Look at the prices from 5 years ago though. People would have said its crazy to pay $450,000 for 550 sq ft back then. Plus whether we like the prices or not, one thing is for sure that there is a lot of demand and not enough supply.
Eugene

Remember when people were saying $475-$500 psf for maple Leaf square was nuts
Or casa and Bsn at $300 psf was nuts?
 
 
MOO STASH
BabbleBee
reply 296 vote 18
 
 
^^ What are Maple Leaf Square and CASA and BSN selling for now? Does anyone have the current average pricing p/SF?
 
 
ROY BHANDARI
BabbleBee
reply 498 vote 45
 
 
^MLSq. is selling on assignments for around $650/sq.ft. but I've seen as high as $700/sq.ft. Curious to see where it settles.
Casa/BSN are fetching over $550/sq.ft. and closer to $600/ft. on higher floors.
I completely missed this thread as I was away - going to get caught up with it and see if I can offer anything that hasn't already been discussed
 
 
MOO STASH
BabbleBee
reply 296 vote 18
 
 
When did Maple Leaf, CASA and BSN start selling?
Maple Leaf: Original - $475... current: $700
CASA: Original - $300... current $600
Holy $#i^. Those would have been insane returns on investments. I would love to know when pre-construction on those started.
I imagine that Maple Leaf will drop down once it is registered, and there is a slew of product on MLS.
 
 
BRIAN PERSAUD
BabbleBee
reply 280 vote 17
 
 
Around 2005. They were really late
 
 
MOO STASH
BabbleBee
reply 296 vote 18
 
 
^^ If those numbers and dates are correct, those would have been fantastic investments. My mind is blown.
Well, there you have it! This conversation is about the benefits of buying pre-construction, and from the above it looks like you could have made a killing if you purchased at CASA in 2005! I wish I knew about it at the time.
 
 
ROY BHANDARI
BabbleBee
reply 498 vote 45
 
 
Correct me if I'm wrong, but I know BSN was delayed a number of times (from what I remember, the original occupancy date was 2008). Therefore, the buyers who got in early had the benefit of paying early day prices but closed much later.
I think MLSq. was around 2006-2007 that they initially sold. They also launched around $50/ft more than anything else in the market at the time and people were telling early investors that they were crazy for paying that price. Same thing is happening today, only instead of $400/ft, we're telling people it's crazy to pay $600/ft. In 3-5 years time, those that have taken the plunge today will be the ones laughing :)
 
 
RICHIE YU
Buzzer
reply 21 vote 2
 
 
Pre construction condos, specifically the VIP sales events allow an investor to get early access to the best floor plans on a particular building at the cheapest price possible (for that project).
Like most of what has already been said, an investor puts in very little down payment - 15% within the first year of singing the APS, 10% at occupancy which is 3 to 5 years away. The property then enjoys capital appreciation with 0 cash flow and expense during construction. Couple this with the builder's marketing/sales tactics of increasing prices as percentage of the building sells, high amounts of immigration coming in, lack of housing options in the city (where most of the jobs are), extremely busy highways, high population of boomers just about to retire, a Canadian pension system in danger of collapse, and low interest rates on mortgages, then you get a very popular investment option for Canadians in pre-construction condos.
Unless the government figures out how to prevent the collapse of the Canadian workforce when the boomers retire without using the inflow of professionals and businesses/money from other countries, this will remain a solid investment option. Regarding the high per sq. ft. of some of the condos, this is all relative. It's not for everyone to be paying $600 per sq. ft. but a particular project is on average 200 units? What's 200 units for 2.5 million people in Toronto (5.5 M in GTA)? There are enough investor and entrepreneur class immigrants who would pay for such luxuries for their families.
Would love to hear your thoughts :)
Richie Yu
www.richieyurealesetate.com
 
 
MATTHEW SLUTSKY
Senior Buzzer
reply 2214 vote 132
 
 
Here are some interesting statistics about purchasing decisions, from TD Canada Trust:
Half of Canadians would prefer a new home because everything will work perfectly (25%) and it hasn’t been lived in before (24%), while the other half prefer older homes, which they feel offer better quality (34%) or have more character (17%). The TD Canada Trust Home Buyers Report found that men are more likely than women to prefer a fixer-upper because it is more affordable (14% versus 8%) and because they can renovate to their taste (37% versus 29%).
 
 
JEREMY SHIFTLER
Buzzer
reply 161 vote 1
 
 
^^It is interesting to observe that 34% of the poll thinks that older homes offer "better quality". I would think that newer houses are built with newer and better technologies. Am I wrong?
 
 
JOHNHAWKINS
NewBee
reply 5
 
 
Hi Brian,

Investing in pre- construction may be a good investment, but buying pre-construction has its pros and cons as well.
Advantages:

1. You can often purchase a wonderful home at an excellent price because you most often will be able to lock in the price long before the property is purchased.

2. Sometimes the deposits are very low and you are investing in a property that will appreciate by the time you buy it. Investors can sometimes sell their new condo units for a nice profit just months after buying it.

3. The most important you can select the finishes in your new home: carpeting color and type, tile colors, paint colors, kitchen cabinets (styles and colors), and many more items as well.

Disadvantages

1. You have to put down money to reserve your unit long before you can occupy it, so your money is tied up for a while.

2. Since construction costs vary over time and available materials change at suppliers, what you thought you were buying in the beginning may not be exactly what you get in the end since most builders’ contracts allow for substitution of similar materials.To know more information regarding you can visit plazaestates.co.uk.
 
 
MATTHEW SLUTSKY
Senior Buzzer
reply 2214 vote 132
 
 
The CHBA just released something, stating these reasons for buying new:


- Get what you want. New home builders offer unparalleled quality and value. Choose from an incredible selection of new home models, then work closely with your builder to decide on the features and finishes that work best for you and your family.

- You choose the builder. When you buy a brand new home, you get to choose your builder based on their reputation and track record. Professional new home builders are proud of their work, they have the skills, experience and integrity to do the job right, and they are committed to your satisfaction.

- You know what you get. With a new home, you know how the house was built and what went into it—both what you can see and what is behind the walls. And if you have questions later, your builder will be there to give you helpful and accurate information.

- Quality construction. The quality of your new home is based on solid construction and attention to details. Professional new home builders combine the latest construction techniques with timeless craftsmanship to create homes that are comfortable, attractive and great to live in.

- Well-designed communities. New developments are designed to foster a spirit of neighbourliness by carefully balancing private and public areas—welcoming home designs, green recreational areas, playgrounds for children, safe and attractive roads and pathways.

- Great designs. Today's new homes combine function and style, with open, inviting living areas, lots of light, well-planned work spaces and built-in convenience. Flexible layouts make it easy to accommodate future changes to your household.

- Advanced products and materials. New homes use the most advanced building components. From construction materials to heating systems, the technology built into every new home ensures high performance, durability and long-term satisfaction.

- Finishes with flair. From flooring to faucets, the latest finishing products spell great looks and superior performance. New home builders offer a wide selection of standard and upgrade options—you can pick and choose what best suits your lifestyle, personality and budget.

- Easy maintenance. With today's careful construction, thoughtful design and improved building products, it is easier than ever to keep your home in great condition inside and out.

- Energy-efficiency. Thanks to advanced construction, higher levels of insulation and energy-efficient heating and cooling systems, you not only save money on your energy bills, you also enjoy a far more comfortable home.

- Indoor air quality. Clean air, a comfortable moisture level and no mold or lingering odours—new homes are designed to give you and your family the best possible indoor living environment.

- Safety. Constructed to the latest building codes, a new home includes a wide range of safety measures to protect you and your family, from electrical circuit protectors and safety glass to hard-wired smoke detectors.

- Warranty. One of the great advantages of buying a brand new home is the warranty that comes with it. Professional builders stand behind their work with an after-sales service program and a guaranteed third-party warranty.

- Stable financial planning. Plan for the future with confidence. With a new home, you know what you are getting. Everything is brand new—there will be no major repair bills and no replacement costs for years to come.

Source: http://www.chba.ca/buying/why-new/advantages-new.aspx
 
 
ELLIOT SHAPERO
NewBee
reply 1
 
 
It's very clear that buying pre con is mainly about money.  Housing/condo market in Toronto is mainly a resale market driven by investment. 
As for new building science just wait until you can control your entire unit from your cellphone - from door lock, fridge and appliances!  Theres some very cool stuff coming .
 
 
ELIZABETH SAGARMINAGA
Buzzer
reply 84 vote 8
 
 
The only major downside of investing in pre-construction is that in case the project is delayed, amounts paid by you are also stuck. There may be an appreciation of prices in the area but you cannot cash on it. You are stuck with the deal and have to wait until the project is complete. Of course, you can minimize this risk by investing in projects taken up by reputable builders only.
 
 
 
 
 

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Condominium

261 West 25th Street New York New York

From $2,530,000 To $4,865,000

 
Bleu Ciel, Condominium

Bleu Ciel

bleucielliving.com

Condominium

McKinnon Street & Wolf Street Dallas Texas

From the $700,000's

 
 
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