Nobody wants to live in a building where chairs get thrown from the balcony… generally it’s best to avoid density and anything that allows Airbnb
This typically leads to a much quieter, more enjoyable living environment
In my experience, the higher density a building, and the higher concentration of renters – the more likely you’ll experience issues like noise complaints, building wear and tear from people moving in and out, etc
2. Boutique over high rise any day
This one can vary depending on what you’re looking for, and where you want to be
However, as a general rule of thumb – boutique buildings tend to be better buildings to live in
Take it from someone who has lived in both a 500 unit building and a 100 unit building – boutique is better
A lot of the time, the issues people have with “condo living” can be avoided by just going with a boutique. With a boutique build, you never/rarely have to worry about things like elevator issues, rush hour traffic, or circling down 5 levels of underground parking to get to your spot…
They tend to be far quieter and often boast better resale and rental values due to the lack of supply – not that it’s the most important consideration, but nonetheless, it’s something
Granted, I’m not saying that all high-rises are scourged by elevator issues or lots of renters, but you have to do your homework to avoid those buildings
3. Pre-Construction can be more expensive
General rule of thumb for you here is that pre-construction tends to be 10-20% more expensive than resale (second hand) condos
There are some exceptions to this rule – I’ve sold numerous pre-construction units cheaper than resale, and I’ve also seen some pre-con units asking +30% over market value as well
There are naturally benefits to buying pre-construction, not the least of which is being the first to own a brand new unit, but you’ll want to make sure you’re not grossly over paying
Case in point, clients of mine in a big old 5 bedroom detached recently reached out to me to downsize
We looked at a couple of pre-construction options around the midtown area, and they fell in love with one in particular… it was $1.7M.
My clients were adamant that they wanted to sign for that unit. I put it on hold for them, but asked them to meet me at an existing unit down the street for a quick peek
It was 400K cheaper than their pre-construction choice, but in my opinion – way better. They fell in love with the resale unit, and bought it the same day.
We’re renting it out for the next few years because they’re not ready to downsize just yet
Lesson here is remain flexible – don’t get too caught up on any particular option, and be willing to see some alternatives
If you want more info on any of the above or have questions please reach out at firstname.lastname@example.org and check out Precondo.ca.
Jordon deals exclusively in Pre-Construction Condos. Not taking on any Resale clients allows him to focus in on his niche and provide unparalleled advice and knowledge to Precondo’s clients. Feel free to get in touch with him here.