How much money do I need to buy a pre-construction condo?
How much money do I need to buy a pre-construction condo?
Here, we talk about pre-construction condo and long term investment. At times, we may think that this is something very complicated, but it is not. On the opposite, it is quite simple, you just need to know how it works.
It depends based on the condo project
The payment structure may be different from one project to another, but you can expect to pay around 5% to 20% to confirm that you are purchasing the unit and it will be reserved for you.
For example, if your condo costs $500,000, you will pay as a downpayment $100,000 or 20% to reserve your unit. Here you have a large choice of pre construction condos. Get yours.
It is important to note that this amount is not just paid once, but could be incremented in few payments, most of the time four or five instalments.
But in the beginning, you will pay 5% of the price of the condo of your dreams.
To know more about investing in pre construction condos, feel free to contact us.
After the downpayment, the remainder will be by mortgage. And that’s it, you will get a unit of your own.
