There are several kinds of investments a person can make, but nothing beats investment in real estate. Real estate has been the source of major income for several decades and because of this, it has attracted investors and investments from all fields. Speaking of investments, an investor would find investing in pre-construction houses much more favorable and profitable than investing in a completed project. This is simply because the prices of under-construction houses are way lesser than ready to move in ones.
Here in this article, we shall thus find out how to get started with pre-construction investment.
- Making a down payment
The first step in investing in pre-construction property is to make a down payment. Usually, pre-construction houses require a much larger down payment than resale property. But the burden of such large sums is reduced as one can pay over a period of time so that the buyer can make payments with ease. Thus, this kind of flexibility in the payment schedule makes it an extremely profitable deal.
- Involvement of a lawyer
After receiving a pre-approved mortgage letter, and signing the purchase agreement, you now need to give your lawyer’s number to the developer. This is so that your lawyer can sort issues related to the agreement or other legal things with your developer and he can also help you with the signing of agreements in the future. Therefore, involving your lawyer in the deal can help you a lot.
- Customization of the property
One major benefit of investing in pre-construction projects is that you can customize your place according to your needs and wants. Thus, 2-3 years after signing the contract, you can customize your place which can later fetch you even more price. The property, thus, can be customized in accordance with your needs.
- Final closing
After the interim period, you pay up the remaining expenses of the house and get the title in your name. This is the final stage of the process of buying a pre-construction property. Thus, one can now move in or rent the apartment. There are numerous pre-construction properties such as Parkhomenko preconstruction projects in Toronto, which could just fit your requirements.
Pre-construction projects are the best when it comes to investment. All you need to do is research and keep yourself updated on the current laws and taxes of your area.