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Development in Ottawa



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All You Need To Know About Development Condos in Ottawa

A very special portion of the real estate market exists in the area of Development condos. These are units that are purchased based on the projected plans for a building. A buyer may visit a temporary showroom, located near to the proposed location of the building to see models and floor plans of the... Read More

All You Need To Know About Development Condos in Ottawa

A very special portion of the real estate market exists in the area of Development condos. These are units that are purchased based on the projected plans for a building. A buyer may visit a temporary showroom, located near to the proposed location of the building to see models and floor plans of the various units the seller hopes to construct. Purchasing at this stage allows the buyer to have a greater control in the outcome of their unit. They can make a different type of investment and purchase at a lower price per square foot than what will be available post construction.

Buyers may choose the option of Development in order to make a future investment. Those who know they will be retiring or downsizing in a few years, may take the opportunity to plan. Buyers that are making a first time investment might like more time to save before diving into full mortgage payments. Others still will purchase these units as rental properties or with the forethought of the increased sale price at closing.

If you want to be able to choose your floors, finishes and appliances, at less than the cost to purchase someone else’s choices from the past,Development might appeal to you. It’s not often that you have so many design choices when looking to purchase a home. There will be a number of layouts, options for total square footage, number of bedrooms and location within the building to choose from. Usually this type of customization will require a second investment in renovations. As well as, the purchase price of your home.

When taking the leap on a Development condo, you’ll be given a list of options that you’ll be able to customize. Everything in the home will be brand new and they will likely be under warranty. Keep in mind that the developer is speculating on what they believe the final outcomes will be for the unit and building, they require some flexibility, not everything can be fixed into even the best agreements.

This can make a good case for looking at the past projects of the developer. How close to their projected dates did they come? Do they have a history of big surprise closing costs, or a history of great relationships with their buyers? How have their projects held up over time as places people want to live and as investments. This type of home purchase, more than others, requires a long term deal with your developer. You’ll want a long term relationship that is mutually beneficial.

Purchasing a unit in a building prior to the work beginning, can have some tremendous benefits. It also requires a deeper knowledge to arrange this type of purchase. A Real Estate Professional who specializes in Development units may be helpful for protecting your investment. The money spent on a qualified agent may be easily recuperated with the thorough shaping of your agreement. You’ll want to understand how the Development payments are going to be structured and where you’ll be spending versus saving. In an already finished home it’s easy to see how your money is being spent. With a Development condo, being well informed will be a must.


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Building Styles

Development Specialist

Kelly Tchorewski
 
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