2020 has been anything but a traditional year. The real estate market in the second quarter was basically a timeout as we all isolated and came to terms with the shutdown. The second half of 2020 is making up for the slow start this year as supply and pent-up demand has many buyers competing in multiple-offer situations and if not competing, then facing aggressive list prices.
The one saving grace is that interest rates are at an all-time low making it much more affordable to jump in.
Wouldn’t it be nice to set aside all of the pressure and drama in trying to secure a new home and consider purchasing a new condominium?
Planet Realty specializes in condo living in the Guelph. “Every day we speak with people about selling their condo, purchasing a newer condo as their principal residence or as an investment,” says Karen Kessel, Broker of Record and condominium expert with Planet Realty Brokerage. “We are currently heading up the sales program at Gordon Square Condos in South Guelph, Tricar’s most recent master-planned condo community.”
Whether you are a first-time buyer, young professional, empty nester, retiree or investor, Kessel says there are a few things to consider when buying a new condo:
Buy Now & Save
It’s really true. Pre-construction prices are a legitimate savings and a great investment. Builders need to secure sales and the best time to do that is during the initial stages of sales opening and construction. It offers an investment that starts to grow from the moment you make that first deposit.
Timing is Everything
Acting quickly when a new condo project comes to the market allows you the opportunity to get the best selection of suite designs, corner suites, higher floors, lower floors, parking spaces close to the elevator, etc. Does a terrace fit your lifestyle? Or perhaps only penthouse living will do. You can also choose southern or western exposures that are always so popular. Gordon Square Condos Phase 2 opened for sale in early October. Visitor traffic has been brisk with sales are already at 40%. If you are going to think about making a buying decision in the spring, chances are the pickings will be considerably slimmer then and prices will be higher.
Construction has already commenced on Phase 2. As construction progresses more buyers take notice of the project, and when interest and demand increases, supply becomes more limited, and Economics 101 kicks in – prices rise! But, if you’re ahead of the game and have already secured your suite with your purchase price locked in, the value of your condo suite continues to rise. It’s a win-win situation.
Making It Your Own
One of the most exciting times of buying a new condo is attending at the Design Centre to select all of the interior finishes. From Barzotti cabinetry, porcelain tiles, engineered hardwood flooring, granite or quartz countertops in the kitchen and baths, this is when you personalize your space! Some of Tricar’s trademark suite features include an electric fireplace, slide-in stove, built-in microwave, fridge, and full-size washer and dryer, window blinds, crown moulding, as well as an underground parking space.
What adds to the winning formula in buying a condo is a 10-day cooling off period. Under the Condominium Act, buyers are entitled to a 10-day rescission (cooling off) period. This period allows time to have a solicitor review the Agreement to Purchase and all the condominium documentation and to secure financing with the bank. During those 10 days, the property is taken off the market. Should you decide not to move forward, the Agreement is cancelled and your deposit is returned according to its terms, and the suite is placed back on the market.
If you are looking to get out of the real estate rat race then visit the Gordon Square Showroom. The Planet Realty Sales Team will be pleased to provide you with a full orientation and information package. More importantly, if you like what you see, buy now, save now, and watch your investment grow.
Gordon Square Sales Office is located at 1886 Gordon Street, Guelph just south of Clair Road on the east side. Open Saturday, Sunday, Monday and Tuesday from noon to 4:00 p.m. Or, for a private appointment at your convenience, call 519-265-1125.