Buying A New Condo Can Be Easier Than You Think

TORONTO, Ontario – Have you ever wondered if it could be possible to buy your very own new home or condominium? It is a lofty thought, but one that crosses our minds from time to time.

As much as it seems like a dream, there really can be a way to be an owner rather than a renter.

Many people that are renting a home come to realize that by renting they have a place to live, but achieve no equity in the property they are renting.  This has its advantages because there is little responsibility for the renter except to pay the rent monthly. But, if they decide to move, they leave with nothing more than their possessions inside the rented property.

Because of the cost of new homes these days, one of the best options to enter the real estate market can be to purchase a condominium before it is even built – at the pre-construction stage.

Why is this a good option?

First, it allows you to have more time to save for a down payment on the suite. You’re required to pay a deposit on the new suite, but the payments are staggered and in many cases buyers are able to put down 20% between the time they buy and the time they move in.

Also, because you buy before construction of the building has started, you have more time to save for moving costs, new furniture, and the various costs with closing on the new condo.

With the value of real estate going up every year in Toronto, your investment will likely have increased in value even before you move in. What better way to see your investment grow than with new real estate? The price in today’s market is almost certain to increase in the two – three years until you move in and will almost certainly continue to increase after you start to live there.

There is a new condominium project by Empire Communities called The HUB, at Eglinton Avenue West and Oakwood, that has just introduced an interesting program for buyers called the Investment Ownership Program. Here’s how it works. Empire will pay 8 per cent on individual buyers’ standard deposit until either the earlier of final closing or 30 months.

“This program will allow buyers to actually earn while they’re waiting to move into their new home,” says Paul A. Golini Jr., executive vice president of Empire Communities. “They will also have the ability to earn on the capital appreciation of their suite from the time they buy until the time they move in.”

The Investment Ownership Program provides buyers with a new method of investing their money rather than through a savings account, the stock market or other options but with 8 per cent on their deposit. Home buyers who take advantage of this program, will be earning while they wait to move into their new home at The HUB condominiums.

There are also two other interesting programs that Empire has introduced at The HUB that can help make home ownership easier –the 5% Deposit Program and the Easy Buy Program.

The HUB is a sleek mid-rise condominium that will rise 16 storeys and will be a prime location with the new Eglinton Crosstown LRT being built just outside its doors. This new transit corridor spans from Black Creek to Kennedy Station and will link to 54 local bus routes, three TTC interchange subway stations and GO Transit.

Comprised of 220 suites including one-bedroom, one bedroom plus den, two bedroom, two bedroom plus den suites and seven townhomes., prices at The HUB start in the mid $200,000’s.

Think about where your money is going where you are living now and how you might be able to make a change and own your own piece of real estate. 

For more information, drop by The HUB at 1603 Eglinton Avenue West (Monday – Friday 12 – 6 pm; Saturday, Sunday or holidays 12 pm – 5pm) or call: 416-784-3482 or visit: www.empirethehub.com.