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How Much Money Needed to Invest in Pre-Construction Condos?

Purchasing a pre-construction condo is easier than you may think. Depending on the project’s deposit structure you can expect toContinue Reading

Purchasing a pre-construction condo is easier than you may think. Depending on the project’s deposit structure you can expect to put down between 5% – 20%. For example, if you are purchasing a unit that is $250,000 your 20% deposit would amount to $50,000. On a $300,000 unit, your deposit would amount to $60,000.

Although a deposit of 20% is the industry norm, it is generally never expected in one lump-sum. Payments are typically split into four or five increments to make it easier for potential purchasers. In reality to start purchasing a pre-construction unit, you’d normally need 5%.

To see an example of a common deposit structure click here.

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This information is provided for general information purposes only and is not to be relied upon or construed as legal, real estate, or other professional advice or opinion. We do not make any representations or warranties, express or implied, as to the information provided. Under no circumstances shall we have any liability of any kind for the accuracy, use, or otherwise, of this information, all of which is provided. Any reliance you place on such information is strictly at your own risk and liability. Clients are strongly urged to seek professional advice on specific issues.

Mashhood Khalid is a Real Estate Sales Representative with Loyalty Real Estate Brokerage servicing clients in the Greater Toronto Area (GTA). He has a wide range of experience in new development and resale. His close connections with builders give him a competitive edge on everything to do with Toronto Real Estate!

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