So you either already have a primary residence (with no intention of moving just yet), are interested in parking your money safely away for the next several years or are not in a position to cough up upwards of 20% at one given time for a downpayment. Well, PreCon might just be the thing for you.
With the market as hot as it is right now, PreCon has also been the avenue some first time homebuyers are seriously considering as a means of securing a place of their own without the hassle of multiple offers and blind bidding. However, I should add the caveat that there are many PreCon projects that are very popular and as a result sell out within hours on launch day.
PreCon projects can be a good option for those looking to invest in real estate as there is a payment structure spread out over several months or sometimes years. Whereas traditional Resale properties would require your downpayment at one time. This can be an effective savings plan for someone interested in acquiring property.
There are however costs to understand on closing such as development fees, land transfer, legal fees and HST rebates.
PreCon is something I often get questions about and in the next few newsletters I will take a deep dive into one sub-topic a month that can be of value when trying to understand if this is the right fit for you. Stay along and as always, feel free to reach out to me anytime if there is anything in particular you would like me to touch on.