This is the process of buying directly from the builder before construction starts. Developers usually sell their developments in different phases- and you want to make sure you’re buying in the first release. Using a Condowizard agent to purchase your desired project will allow you First Access before the general public which means lowest pricing and best selection of inventory. For more information of purchasing pre-construction click here for our FAQ or our buying my first condo blog post.
Resale is an already finished condo where you can purchase and close right away. This is a faster process if you cannot wait for a pre-construction build. Our staff is trained to help you find exactly what you are looking for.
Things to consider
Purchasing an assignment can be complicated but thankfully, we’ve done plenty of them and can walk you over the whole process. Pros of buying assignments:
Example: Joe bought a unit at XYZ condos in 2016 which will be closing in 2020. Joe now decides that he will no longer be going with the purchase of his unit therefore; he will be assigning that unit to a potential buyer. Joe purchased his unit for $400,000 and put a total down payment of 20% which is equal to $80,000. Now Joe wants to sell his unit for $500,000 (market value)