Pre-Construction Condos Explained: Everything You Need to Pay
Are you considering purchasing a pre-construction condo? If so, you’re stepping into an exciting yet complex world of real estate. The allure of brand-new units, modern amenities, and the chance to customize your living space is enticing. But before you dive in headfirst, you’ve got to understand what you’re really paying for. We’re going deeper than just deposit structures or even hidden fees, there’s more than meets the eye. Many buyers scratch their heads, feeling confused by all the details involved in pre-construction condos in the region of Niagara Falls.
It’s not just about choosing a stylish kitchen backsplash or picking the perfect floor plan; it also involves navigating financial obligations that can impact your investment significantly. This guide aims to break down those costs clearly and concisely, helping you make informed decisions along your journey toward homeownership.
Deposit Structure and Closing Costs
When purchasing a pre-construction condo, understanding the deposit structure is crucial. Typically, you’ll pay a series of deposits during various stages of construction. Initially, it’s common to put down 5% upon signing the agreement. As construction progresses, additional deposits will be required. These can add up quickly, often totaling around 15% to 20% before closing. Make sure to confirm these details with your builder or developer. Closing costs are another essential expense to factor in. They usually encompass legal fees, title insurance, and other associated charges that arise as you finalize your purchase.
HST on New Condos
When purchasing a pre-construction condo, understanding HST is crucial. …
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