Toronto real estate: Condo buyers ‘scrambling’ to close deals
October 10, 2013
There are certainly some good arguments to be made for buying a condo from plans – you can pay the down payment over time, you get to choose your own finishes and it’s brand spankin’ new!
However, a recent article in the Toronto Star illustrates a very good argument for why buying resale brings more security to a purchaser. Not only do they get to see the finished product and get a feel for the space they are buying but their financing is less reliant on what the market is going to be like in 3-5 years. The link below tells the tale of a few people who have been caught in a jam due to their financing not being approved or the value of the property not being appraised at what they had hoped…
In the end, when buying resale, a purchaser can make financial decisions based on their current circumstances with less risk of future changes to lending practices. If anything, the article in the link below reminds us to have a back-up plan for our back-up plan… just in case.
Click here for the article