Notes on Pre Construction Condos
If you are considering a Richmond BC condo development, read these advantages and disadvantages of buying a pre-construction condo
There are benefits in moving into an already constructed home are plenty – the most popular being that you are ready to move in without any delay. While people generally purchase and move into houses or apartments or condominium units that have already been built; a section of society may prefer to invest in a pre construction condo or home. This is a common phenomenon when it comes to condominiums and a new Richmond BC condo development project is no different when it comes to pre construction condos.
Let’s discuss some of the advantages of going for pre construction condos and why a new Richmond BC condo development project sounds like a good idea.
What Pre-Construction Means
The first question to pop into your head is what does pre construction new Richmond BC condo development buildings signify. Generally these off-plan projects are development projects that find customers even before the condo is built. The customers are convinced on the basis of a blue print or the architectural drawings of the proposed condo. Obviously one of the main advantages of buying a condo even before work begins on it means you get a heavy discount in price.
Are Pre Construction Condos a Safe Bet?
There are plus points and minus points when it comes to new Richmond BC condo development projects. Since the building is yet to come up, you get a chance to give your input when it comes to floor plans and design layout. Additionally, you get a good deal as you are paying for something that is only going to appreciate in value by the time the condo unit gets completed. This means you can buy a future home at the current market rates rather than the future rates. Another huge advantage is that you can talk to the builder regarding your special ideas for the building or your unit and the builder will be able to incorporate them if feasible as the project is as yet only in paper. You will find that it is relatively easier and cheaper to make changes to your unit during the construction phase rather than having to do it after the unit is built.
For every positive factor, you are also likely to find a negative point. One of the major disadvantages is that a condo can only be a future home as obviously the condo is yet to be built. The waiting period for your new home can be as along as two or more years. For people looking to move into a home right away, pre construction condos are not the right choice. Also while customization is an advantage in pre-construction condos, there is only so little that you can achieve as feasibility is a factor when making design changes to the plan.
As you can see new Richmond BC condo development can either be a positive factor or negative factor depending on how you look at it. It is therefore crucial that you give the preconstruction condo careful thought before investing in one. Talk to a real estate agent who will know of some good new Richmond BC condo development projects. With a host of options, you can check out each of them before you make your final decision.
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Mandarin Residences is Richmond pre construction condo located in central Richmond
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