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 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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