5 Myths re Buying Pre-Construction Condos in Burlington Debunked

Are you looking to invest in pre-construction condos in Burlington but are hesitating due to myths you may have heard about this type of investment? If so, don't worry. We are here to present the facts so you can make an informed decision.

It is true that buying a pre-construction condo is a big financial decision that requires careful thought. Unlike purchasing a completed property, investing in one in pre-construction means betting on an idea rather than a physical building. You will also need to factor in the cost of maintenance and amenities. Because of all these considerations, it is important to gather accurate information before you proceed.

Keep reading to discover the truth behind common myths about pre-construction condos to provide clarity and confidence in your decision-making process.

Pre-Construction Condos in Burlington: Debunking Common Myths

Here, we debunk five top myths about buying pre-construction condos in Burlington.

Myth #1: Pre-construction condos are highly expensive and not affordable.

It is commonly believed that purchasing pre-construction condos can be costly. However, this is not necessarily true. In fact, it can be a more cost-effective option than buying a freehold home, particularly in prime areas such as Burlington.

Developers can provide affordability calculators that indicate that the cost of a pre-construction condo is achievable for many working-class couples. Besides, they offer a more feasible entry point into the real estate market than single-family homes, whose prices are skyrocketing.

2. Myth: You'll face ridiculous waiting times before completion.

Another common misconception about investing in a condo project is that you'll have to endure long waiting times before its completion. While it is true that some construction projects may experience delays, reputable builders usually follow reasonable timelines.

So, if you want your condo to be completed without much delay, be sure to invest with a trusted developer. These builders employ strategies to mitigate potential delays, such as efficient project management and proactive measures to address unforeseen circumstances like inclement weather or labour shortages.

3. Myth: A 20% one-time deposit payment is mandatory.

Although a 20% deposit is a typical requirement when purchasing pre-construction condos in Canada, many developers offer customized payment plans to reduce this financial burden. These payment schedules are often spread over several months, making it easier for buyers to secure their units without having to pay a large lump sum upfront. So, when buying a pre-construction condo in Burlington, don’t forget to examine the developer’s deposit structures and make sure they adhere to the Condominium Act's guidelines.

4. Myth: There's a risk of losing your deposit if the developer folds.

Investors on the lookout for pre-construction condos have rightly been concerned about developers going bankrupt. However, there is no need to worry about this anymore. The Ontario government has implemented measures to protect buyers from losing their deposits in the event of a developer's bankruptcy.

Organizations like the Tarion Warranty Corporation provide deposit protection for condo purchases below a certain threshold. This enrollment fee safeguards buyer deposits and ensures they are refunded if the condo project remains incomplete. By enrolling in this program, buyers can minimize their financial risk and proceed with confidence in their investment.

5. Myth: Developers don't care about buyers and may surprise you with hidden closing charges.

Reputable developers prioritize customer satisfaction and transparency throughout the purchasing process. Before making a deposit, buyers have the opportunity to review detailed presentations, floor plans, and finishes to ensure alignment with their expectations. Developers must disclose all associated fees and costs upfront, including maintenance fees, property taxes, and legal expenses. By partnering with a trustworthy developer and conducting thorough due diligence, buyers can avoid unpleasant surprises and enjoy a seamless closing process.

Why Choose 1989 Appleby Line Condos in Burlington

If you are thinking about investing in a condo in Burlington, you might want to consider 1989 Appleby Line Condos. Developed by Latch Developments, these two modern towers are conveniently located at the intersection of Appleby Line and Upper Middle. So, you will enjoy a taste of uptown living in a vibrant neighbourhood.

Here are some features of 1989 Appleby Line Condominiums in Burlington to look forward to:

• Comprises two towers: one standing 17 storeys and the other 22 storeys, accompanied by a 6-storey podium, totalling 462 units
• Direct bus routes connect residents to Appleby GO Stations.
• Minutes away from Brock University's Burlington Campus
• Close proximity to Highways 403 and 407 facilitates easy commuting.
  Nearby amenities include grocery stores, dining options, shopping centres, schools, and recreational facilities.
• Boasts excellent walkability, transit access, and bike infrastructure, with high scores in each category

Investing in pre-construction condos in Burlington requires thorough research and understanding. By debunking misconceptions and gaining clarity on the process, you can make informed decisions about your investment. Be sure to rely on reputable sources and seek guidance from experienced professionals in the real estate industry. And when you're ready to explore pricing lists for condos, townhomes, and houses in the GTA, All Access Homes provides comprehensive listings to help you find the perfect property for your needs. Get in touch with us today to schedule a consultation and take the first step towards finding your dream home.