Choltida  Searle

Choltida Searle

Sales Representative

Mobile:
(416)456-5099
Office:
416-391-3232
Nicholas  Searle

Nicholas Searle

REALTOR®

Right at Home Realty Inc., Brokerage*

Mobile:
416.788.7727
Office:
416-391-3232
Email Me

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Pros and Cons of Buying a Resale Condo versus a Pre-construction Condo: Which is Best?

The answer to whether its better to buy a resale condo versus a preconstruction condo very much depends on your personal situation, your sense of urgency, your level of risk and your lifestyle preferences…. Check out this list of Pros and Cons of Each and then decide whats best for you. Talking it over with a good Realtor can help!

Pros of Buying a Preconstruction Condo:

  1. Gives you more time to save for the down payment!

  2. Note: There is a payment schedule for each Developer and it looks something like this: 5% in 30 days, 5% in 120 days, 5% in 360 days and 5% in 520 days or on completion).

  3. Everything will be brand new and never been lived in before

  4. It comes with a Tarion Warranty that covers certain items for up to 7 years.

  5. You get to customize certain things (such as appliances, cabinetry, flooring).

Pros of Buying a Resale Condo:

  1. You can move in now, assuming you have all the funds in place!

  2. What you see is what you get!

  3. You can negotiate the price!

  4. (Note: A Good realtor can help you with this)

  5. Deposit(downpayment) can be as low as 5% of the purchase price

  6. (Note: Your mortgage payments monthly will be higher and CMHC insurance is required under 20% deposit

  7. There is no HST (13% tax) added to the price (unless you are operating this as a business investment)

Cons of Buying a Preconstruction condo:

  1. You are buying from a Floorplan and Description – not easy to visualize.

  2. The good floorplans sell fast, so unless you are in early it’s a challenge.

  3. The Price is fixed by the Builder (there is generally no negotiation)

  4. Prices can be inflated as Builders project the cost 4 years out.

  5. The project may be delayed or even called off! (your deposit is returned in that case)

  6. Deposit usually adds up to 20 to 25% of the purchase price

  7. Occupancy Fees (You are allowed to occupy your unit when it’s ready, but other parts of the building may still be under construction. Until the building is completed and officially registered as a condominium corporation, you pay the builder monthly occupancy fees and you can’t start paying mortgage payments yet, because you don’t officially own it yet!

  8. Builders Fees

  9. HST (13% tax) is added to the price (You can get this rebated if its your primary residence)

Cons of Buying a Resale Condo:

  1. Its not brand new, so you might need to set aside money for renovations.

  2. The older the building the more likely problems can arise resulting in higher maintenance fees

  3. The good condos sell fast and you need to be well prepared to make your purchase

  4. Sometimes there are mutiple offers and the price goes higher than it should!

 

Hope this helps! Buying Resale generally means you are ready “NOW!” to make that purchase, you have everything saved for your down payment, and you are already approved for a mortgage. Buying a preconstruction condo means you do not need to have all your down payment saved, and you are in a steady job and have a mortgage preapproval.  You are not in a rush and have a good place currently to live while you wait for your dream condo to be built.

 

 

 

 

 

WHO IS TEAM PROPERTY416?

 

We Sell Property in Toronto. As Real Estate Agents we pride ourselves on giving back to the Local Community. We support Habitat for Humanity Every time we help a Client.

This helps our community build strength and stability through affordable home ownership.

 

 

COVID-19 CORONAVIRUS UPDATE:

Real Estate services have been declared an Essential Service in the Province of Ontario, Canada.

Team Property416 are independent Realtors for Right at Home Realty (RAHR).

The health and safety of our team members, our agents, and the communities where we live, work and serve across Canada, is the top priority for us. This enduring value guides us as we face the difficult challenge of responding to the coronavirus (COVID-19).

As the situation continues to evolve, and with the World Health Organization declaring the outbreak a pandemic, we have been closely monitoring the situation and following local health department guidelines to keep ourselves and our clients and customers safe during this time.

Our Sales Representatives continue to serve our clients in the safest manner possible.

If you have any questions or concerns, or would like to know more about our policies and procedures please contact us.

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TEAM Property416:

 

Nicholas Searle MSc. REALTOR

Nic has been a licensed Realtor since 2012. Initially with Royal LePage Your Community, he was one of the top leasing agents in the downtown condos.ca office. In 2014, he joined Right at Home Realty Inc., Brokerage and began to expand into the detached housing market. In recent years he has been working in the commercial market, with a focus on restaurant sales and leasing. Real Estate is his passion and he enjoys helping his clients find the perfect property! Prior to real estate, his professional business background involved medical publishing and educational training. He is a supporter of Habitat for Humanity (www.Habitat.ca) and volunteers at the Canadian Blood Services. He is an outdoor enthusiast and loves to travel. He holds a Master of Science degree from McGill University and a Certificate in Teaching English as Second Language (TESL).

 

 

Choltida Searle BBA. REALTOR

Choltida (Ann) is with Right at Home Realty Inc., which she joined in 2016. Her expertise is on the Buyer side and she excels in property research and analysis. She also has valuable experience in home and condo staging, and professional photography. Ann loves to promote our client's properties on social media, especially intragram! She is a supporter of Habitat for Humanity (www.Habitat.ca) and practices meditation at www.Kadampa.ca . Ann loves to travel and explore new cultures and cuisines. Her professional background prior to real estate was in the jewellery industry where she focused on sales and marketing.  

 

Nicholas Sider CPA, CGA. REALTOR 

Nicholas has been with Right at Home Realty Inc. since 2019.  Real estate has been a passion since he began buying property for investment in Toronto and Florida. He has worked in the Accounting field since 1993, and brings a wealth of financial knowledge to the table which is of great benefit to any clients who want to invest in commercial or other property. He is a Certified General Account (CGA), and he continues to remain in good standing with the CPA of Ontario. He did his foundational studies at the University of Toronto. Nicholas has a strong interest in property management and can assist his clients well beyond the initial transaction to ensure that they have long lasting investments!

 

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TERMS AND CONDITIONS OF USE

 



Education: Our Team have all completed the Ontario Real Estate Association (OREA) Sales Representative exams and are members in good standing with the Toronto Regional Real Estate Board (TRREB), the Canadian Real Estate Association (CREA). We are required to do mandatory training courses every 2 years to ensure we keep up to date with professional developments in this rapidly evolving industry.

Specialty: We sell Property! All types including Residential and Commercial. Sales of Homes, Condos, Detached, Semis and Towns, Commercial Leasing for Office and Restaurant spaces. Apartment leasing and Landlord representation.

Experience: Our Brokerage has been in business over 16 years.

Awards: Number One Real Estate Agents in Toronto based on MLS sales volume for the past 6 years (TRREB data on file),

Area Covered: During the Covid-19 Pandemic (Coronavirus) we are offering virtual services to our clients and customers by using video and online tools to help in the purchase, sale or lease of residential and commercial properties across the Greater Toronto Area.

Languages Spoken: English, Greek, Thai