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So the uncompleted building is also a kind of real estate investment tool. Buy uncompleted flats in Canada, mainly including Condo uncompleted flats and Freehold House uncompleted flats.
The down payment for the purchase of uncompleted flats by Canadian residents is 25% of the unit price, while the down payment for international buyers is 35% of the unit price. For overseas buyers, they usually have to pay 35% before the house is handed over. However, unlike the purchase of an existing house, the 35% of the money does not need to be paid in a lump sum, and most developers will roughly divide the down payment into five payments, namely, signing up, 1 month, 3 months, 9 months and check-in. You need to pay 20% of the down payment in the first year and 5% when you check in. Some developers offer a deferred payment plan when promoting or offering discounts, allowing buyers to pay 20% within 2 years and leave 5% at check-in. The down payment of 10%, 20%, or 30% of the installment deposit can be used as a down payment of down payment at the time of the loan.
Whether it is the existing house or the building (house) flower, all have their own value, there is a distinction between the size of the value. To judge whether a building (house) is worth buying or not is the same as judging whether an existing house is worth buying, and the most important thing is the location.
The standard of housing selection such as “location, location” is familiar to the public. However, there are different interpretations of the location of the buildings (houses). As a matter of fact, people who buy uncompleted flats are more for investment purposes, and they prefer to buy uncompleted flats at a low price and then rent or resell them in order to get a return on their investment. In this way, unlike the purpose of self-occupation, the scope of choice should be locked in hot areas with high demand.
Such a choice is not accidental, but these places can absorb “gold”: the uncompleted buildings in the university financial district are suitable for rent, and the subway station entrance is suitable for self-occupation and rental. Those along the main road are especially suitable for self-occupation.
Although the uncompleted flats with good lots are equal to half of the appreciation gains, the purchase of uncompleted flats still needs to pay attention to some details. Although the uncompleted building has drawings and concept maps, it is only a kind of “talk on paper” and cannot be believed. Therefore, when looking at the drawings, we should pay attention to the following problems: how the house is facing, whether the size and distribution of each room of the house is reasonable, whether there will be high-rise buildings around the floor, and so on. The Chinese have a very strict choice of orientation and pattern, thinking that the “west slope” is not good, and that the room must be “square”. Therefore, in the selection of floor (room) flower, should be with professional brokers to select a good Huxing, orientation, floor. If they choose to buy uncompleted flats by the lake, they should have a clear understanding of the direction of the apartment and the construction of nearby buildings, so as to avoid focusing on the invincible view of the lake. in the end, they will only get a corner of the lake view or the disappointing result of “sighing at the building.”
Because the delivery of uncompleted buildings, there are two closing date, lawyers will charge two lawyer fees accordingly. Final Closing’s legal fees are the same as those of second-hand houses, but, Occupancy Closing legal fees vary from person to person.
Installation cost of water, electricity and gas meters (WATER/HYDRO/GAS METER HOOK UP FEE)).
The installation costs for each type range from 150 to 400, which adds up to about 1000 to 2000. Most builders charge these installation fees during the Final Closing, and buyers have to ask whether they are paid for by the developer or by themselves.
When the construction of the main structure of a building is completed, and each unit has met the relevant habitable requirements, you can take the key to check in. This is Occupancy Closing. At this time, the property right (Title) does not belong to you for the time being, which is equivalent to renting the developer’s house. The length of this period depends on the size of the whole building, the floor of the unit purchased, and the efficiency of the government. For example, in a 30-to 40-story building, the unit on the ground floor can take as long as 10 to 12 months from the beginning of check-in to the final transfer of property rights, while the Penthouse delivery and transfer of property rights on the top floor usually take place at the same time.
The Occupancy Fee that needs to be paid every month before the delivery of property rights is usually composed of three parts: first, the land tax estimated by the developer; second, the management fee collected by the developer; and third, the interest on the balance of the house owed to the developer. The interest is calculated according to the development loan interest rate of the developer. If it is to invest in the purchase of uncompleted flats, starting from Occupancy Closing, we have to find a way to rent out the investment.