You’re in the market for a new condo and trying to decide where and when to buy. It may not be much to look at, but purchasing a condo in the earliest stages of development can have a huge payoff in the long run. Between appreciation, community development and lower entry pricing, there are a lot of reasons to make your purchase early on. Here are a few of the top reasons to make your move while development is ongoing.
For starters, purchasing a condo in the pre or early development stages allows you to take advantage of introductory pricing. This is a huge benefit! In most new developments, builders will incentivize sales with lower price points for early buyers. These prices are nearly guaranteed to increase over the course of the development process. In larger townhomes and semi-detached developments that have community phases, price points typically jump as each new phase begins. But that’s not the only immediate payoff to an early purchase…
Another advantage to purchasing in the early stages of development is increased selection - and there are lots of decisions to be made. Pre and early development purchasing often affords the luxury of choosing your exact lot or unit location. There’s more to this than you might think! In choosing your desired lot or unit you have the ability to decide the direction your home faces, lot elevation and placement in the community or building. Do you prefer seeing the sunrise or sunset through your bedroom windows? Do you enjoy mountain views or city views? Would you like a corner or middle unit?
In addition to your preferred lot and unit location, early purchasing may also enable you to select exterior details like the external façade and the colour of your home. Most developers will have a limited set of options to choose from. Getting into a new development early ensures you aren’t limited in your choices!
Amenities To Follow
While there are a lot of benefits to early entry into a new community, it’s also important to keep an eye on the ongoing development around you. Developers should be able to provide you with a map of the complete layout of your community before you purchase. They may also be able to provide you with some insight into future zoning around the community as well.
Exploring your community on your own will provide you with some understanding of what’s to come, but your developer may also have some insight on future services and amenities anticipated in the surrounding area. Choosing the right home is certainly important, but people say “location, location, location” for a reason. There’s value in the surrounding commercial development as well!
Finally, and perhaps most obviously, there is value in appreciation. Thankfully, you can benefit from this one without any additional research or decision-making, but it will take patience. If you decide to purchase your home while development is on-going you’re almost guaranteed to receive a little bonus on appreciation through introductory pricing. Once development is complete you will have already profited through the natural price progression. It will take some patience, but as the community continues to grow and mature it’s nice to know that there will be a healthy return on your investment.
It doesn’t always look pretty, but purchasing a home during the early development stages can have an immense payoff. Between the personal satisfaction of choosing your preferred lot or unit and design features and the value in ongoing community and commercial development, it may be in your best interest to sign on the dotted line sooner rather than later. Real estate is always a safe investment, but buying early provides you the opportunity for some serious gains.
If you're thinking of buying a new condo you should get out and visit some of our showhomes and speak to one of our area managers. We've created a handy downloadable showhome map to help you get there. Our area managers can let you know about where projects are at and can even connect you with a preferred vendor to discuss financing options. Download the showhome map today and start your search.