Buying a new condo in Mississauga from builder
Typically, all builders give their Platinum, VIP or Preferred Realtors at various Brokerages the first chance to sell the units to their clients when the project is launched. This is known as the “pre-construction stage”. The prices and incentives offered are much better than when the project opens up to the general public. Mostly more than 50% of the project is sold by the time it hits the open market. This means that at this stage our clients have first access to the best floor plans, prices & incentives.
What are the pros of buying a new condo in Mississauga?
New condo developments – Top Pros for Buyers
Buying a builder new condo has a charm of its own. Here are top reasons to go for a builder new condo:
- You can choose your own suite size, features and upgrades ensuring the condo meets with your personal requirements, budget and choice of interiors
- Builder new condos also come with transferable new home warranties
- The condo suites are fitted with energy efficient appliances and modern fixtures
- Newer buildings usually have much advanced and better amenities
- You will be the first owner and will be buying at the lowest price point in that building, since you are buying it from the builder’s price list
- You get more time to accumulate your down payment as high rise condo builders normally hand over projects in 3-4 years from the date of initial launch to the final closing date
- Many investors have profited by investing in builder condos as these properties have appreciated over the following 3-4 years. But past performance does not guarantee that future condo projects will repeat the same or better results
First time buyer or investor buying new builder condo in Mississauga?
New condo developments – Top Cons for Buyers
Like the flip side of a coin, there are some cons too. Here are top reasons that go against buying a builder new condo
- You need to wait for 3-4 years for the completion of new condo development in case you are purchasing condos at the initial launch
- You will need as much as 20% down payment (15% in the first 12 months) to buy a builder new condo before final closing, as opposed to only 5% for resale condos. This can mean for a $600,000 value condo, the builder will need as much as $90,000 cash payment within the first year
- One has to rely on floor plans and sketches on how the condo unit will look like once completed, and chances of slight variations always exist. You won’t be able to control if you end up with a unit that has an air conditioning bulk head that takes away the aesthetics of interiors
- The closing costs for condos from builders is 2-3% more than the condos purchased from the resale market
- There could also be delays in construction delaying your occupancy date
- If you are a user buyer (someone who will live in the unit), then you will see more tenants in the building, as there are always more investors than users in the builder new condo market. Over the years, building user ratio moves up as investors move on after selling their units to other investors or users.
- Some new buildings can disappoint in terms of quality and workmanship
New condos closing costs
Builder closing expenses can include-utilities meter charges, government levies, TARION warranty fees, parks and municipal charges, PST on appliances, builder’s construction financing discharge fees, legal fees, education or transit development charges, proportion of development charges paid by the builder to the city. These costs do not apply if you plan buying a resale condo in Mississauga or elsewhere in the GTA. Read the 12 Pre-construction condo buying facts.
Due diligence is key when buying a new condo in Mississauga from a builder
When buying a new condo in Mississauga, developers typically provide the purchaser with a disclosure statement. However, if a purchaser reads the document, he or she may not understand the clauses or the implications. These documents must be reviewed by lawyers. Failure to spend a few hundred dollars on lawyers could result in having to shell out thousands to the developer at a later date. The point is that you should know exactly what you are walking into and make an informed decision, when purchasing a new condo or a pre-construction condo from a builder in Mississauga.
Why Buy Your Builder New Condo with Team Kalia
First & foremost, please remember that you DO NOT pay us any fee or commission to buy a builder new property or any resale condo with us.
When you buy your condo in Mississauga, we throw in a good tenant for free (at our cost), the very first time you use our services to rent your condo in Mississauga or Toronto. This offer cannot be combined with any other promotion by our team.
Buying with our Team ensures your best interests are protected. The builder simply wants to sell off all their units. Sure they will give you information. But we help you invest your hard-earned money into the right project or in good reputed building (in case you decide to buy a resale condo), based on builder reputation, quality of construction, amenities provided and current & future price appreciation potential. We will assess the location of the project/ building – proximity to transit or neighbourhood amenities, schools, upcoming condo towers that might block view from your unit.
These steps are crucial whether you plan to move into the unit yourself or intend to rent it out!
If you are investing in a condo, and plan to lease it out, we will do the math and show you the Return on Investment (ROI), your positive or negative cash flow after the unit is leased out. We will suggest the right configuration to go in for (1 BR, 1 BR Den or 2 BR) based on your budget and rental market demand.
