1 – Pre-Construction condos can be upgraded to your style
One of the main advantages of pre-construction condos is that you get the opportunity to choose your finishes. Whether you want to go on the high end or save money and stick with the basic finishes the options will be there.
2 – Financing and Payment Plan
The down payment has always been a challenge for any buyer, especially first time buyers. With pre-construction condos you have the option to spread the down payment over a longer period of time. Each developer has their own time-lines for down payment and the majority of the time they are in the favour of the buyer.
3 – Brand New!
The property comes to you brand new which is fantastic, as the units first owner you do not have to worry about previous damages to the property. You also know that all of the items will be in good working condition.
4 – Investment
Purchasing a pre-construction condo requires more initial capital than investing in stocks, mutual funds or even Real Estate Investments Trusts (REITs), but when you purchase a tangible investment property, you get leverage over your money. This enables you to buy a more valuable investment vehicle and get a higher ROI (Return On Investment).
5 – Tax benefits
Investing in real estate also comes with a lot of tax advantages. You can deduct a lot of costs from your taxes, including mortgage interest, property taxes, and unit depreciation. You can even use excess “losses” to reduce your other taxes. As a taxpayer, you’re allowed to claim the wear and tear of the property to defer your rental income.