Pre-Construction Condo contracts.-->Yes ? No?

With all the pre-construction condos being advertised right here in Burlington / Hamilton and Oakville, are these good investments?

Would you recommend putting the $20,000 down, holding until it is built and then re-selling the contract? (could be 2 years or longer)

I have heard a few people doing this and making a profit.

Or, complete the purchase and turn it into a rental unit once it is built?

Comments for Pre-Construction Condo contracts.-->Yes ? No?
Yes ? No? -->

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Oct 17, 2012
RE: Pre-Construction Condo Contracts...
by: Tom Karadza

We'll give your our personal opinion.

Buying new construction is "speculative" becasue you don't know the state of the local market when you close on the property in 2 years.

We prefer resale properties because we don't have our money tied up and can have it working for us right away.

Our family had a really BAD experience with buying new constructions back in the early 90's when the market changed quickly.

So we're definitely biased!

Thanks for the questions!!

Tom.

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