Should you use a Realtor when buying a new pre-construction condo?
The answer for this is a definite YES.
In the pre-construction market this is especially important, and, in fact, you should be working with Realtor who is knowledgeable in the pre-con market, also called a Platinum Agent. If you’re thinking about buying a pre-construction condo, you’ve probably already heard this term. This is the number one piece of advice we tell our family, friends and co-workers who are looking to invest in condos in the GTA: connect with a Platinum Sales Representative.
By working with these specialized professionals you will get access to pre-construction projects as early as possible and reap all the benefits that platinum access can give you.
So what can a Platinum Agent do for you?
Let’s start by saying that Platinum Agents like us at GTA-Homes have usually been working in the real estate industry for years and are now dedicated to one market only, the pre-construction condo market. This is a specialized area of real estate, so Platinum Agents like us eat, sleep and breathe the world of pre-construction. Sound a little obsessive? Maybe. But that’s how much we love our work.
A good Platinum Sales rep gets the downlow on future developments in the GTA because they’ve spent years building relationships with all the region’s top builders and developers. This in turn means that you, the client, get to be first in line to receive promotional packages, floorplans and price lists. Your Platinum Broker will keep you informed as information becomes available and be able to offer you advice on various neighbourhoods, developments and investment opportunities.
Like with any other product, you want to make sure you’re buying from someone who knows the ins and outs, right? This is especially true for real estate, which for many people is the largest investment they’ll make in their lifetime.
By dealing with a Platinum Sales Representative, you can feel safe in the knowledge that you have hired a seasoned real estate agent who knows the pre-construction niche and can offer you a wealth of advice. With early access to information about up-and-coming projects throughout the GTA, they can help you compare prices, neighbourhoods and floorplans to determine what kind of condominium might be perfect for you and your lifestyle needs.
One big bonus here is that Platinum Agents like us don’t work for the developer, they work for you! This means we have your best interests in mind. And the best part? Hiring a Platinum Agent doesn’t cost you, the buyer, a penny, since the builder pays those costs. This means we’re free to select the right suite for your needs from our comprehensive database, whether you’re a first-time buyer, a downsizer or looking strictly for an income property.
Perhaps the most important reason to work with a Platinum Agent, however, is the ability to get early access to projects, before the sales centre is even open to the public. This means you get first access to inventory and the best possible choice of floors, views and unit layouts at the best price possible. By the time the sales centre has their official grand opening and is open to online registrants and the public, many of the units are already sold and prices have increased significantly.
Additionally, you’ll get access to some fantastic incentives that may not be available to the public or to buyers working with other agents. These incentives may include:
- First Platinum Access & Pricing*
- Special Extended Deposit Structure*
- Free Assignment Clause*
- Caps On Development Charges & Levies*
- Permission to have non-Purchaser Occupants during Occupancy
- Saving Thousands before Registration Phase & the Grand Public Opening
You should also keep in mind that having the freedom to suggest other projects to you means your Platinum Broker can recommend numerous options and help you compare those. They can point out the positives and the negatives in each unit you’re considering, including any potential problems with the layout, or the unit’s location.
They can tell you which projects have a better price-per-square-foot in a certain neighbourhood. They’ll provide you with information about the developer, particularly important when you’re looking at buying something in the pre-construction phase. They can even inform you about other development proposals for the neighbourhood and how they may impact the new suite you’re buying.
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Are you investing in a condominium in the GTA?
If so, this is when a Platinum Agent is most valuable to you.
With a wealth of experience, they can provide everything you need to make an informed decision about your investment. They can tell you which floor layout will get you the most return on your investment and which areas will get you optimal rental rates.
It’s important to deal with someone who knows the neighbourhoods well, because certain stats could drastically influence your investment choice. For example, they would tell you if it’s better to buy a one-bedroom unit for a particular area because of the high population of single professionals, or perhaps a three-bedroom suite in an area that has started to attract young families.
They can provide you with all the data you need to make an informed choice, including ROI numbers for that particular neighbourhood and how it compares to other projects that are built, selling or proposed.
You’ll also get an estimation for the building’s appreciation rate, recommendations for rental prices and how that may contribute to your monthly carrying costs and annual net cash flow. You’ll learn about your total annual return on your investment and how much you can possibly sell it for in the future.
Successful investments start with an in-depth market analysis that includes informed choices regarding location, prices, accessibility and suite layout. Platinum Sales Representatives like us at GTA-Homes can provide you with all that and more.
A seasoned broker will guide you through every step of the buying process, which is somewhat different when you’re dealing with a pre-construction purchase. They will be well-versed in pre-construction purchase agreements, so when you’re signing the APS with the developer, you can feel confident that your document has the right clauses and that the agreement and incentives have been negotiated with your best interests in mind.
They’ll guide you through each step during the 10-day Cooling Off Period and coordinate the closing costs and details with the right pre-construction lawyer. They will explain how HST applies to your purchase and how to determine whether you are eligible for any HST rebates. Need assistance getting all the mortgage requirements completed? They can help you with that too.
If you’re buying an investment property, they can help you navigate the leasing process as well.
For an easy and positive pre-construction purchase experience, register with us today and get on the Platinum VIP List.
Please Note: The Platinum Access events are not open to registrants under a buyer agency contract with a realtor. If you are currently working with a realtor, please advise us and we will remove your contact information from future mailings.
* This limited time offer may be changed or withdrawn at any time without notice. This offer may not be combined with any other offer or promotion. Certain conditions apply. This offer is only valid for sales signed during a particular and specified time. Please see Sales Representative for full details. E. & O.E.
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