#RealEstate #CondoPurchase #AssignmentSale
Hey everyone! 🏡💰 I'm debating between buying a "normal" condo or purchasing someone's assignment of their condo. 🤔 Can you help me weigh the pros and cons of each option?
Here are my thoughts so far:
– Buying an assignment seems cheaper
– Occupancy is only a month away on some assignments
– Less waiting time to move in
Any insights or experiences to share? 🤷♂️
Also, if assignments are the way to go, how do I go about making a purchase? I'm not finding much information on realtor sites. 🧐
Looking forward to your opinions and advice! 🌟 Let's help each other make informed decisions in the real estate market! 🏠💬
You might need to pay the gst and condo assignment fees… consider that aswell into total cost. you can work with real-estate lawyer if you want to complete private sale
Depends on how much cash you have.
Do you have enough cash to burn for interim occupancy fees, closing costs ( development, lawyer, etc etc)?
Assignment is cheaper if you can find a desperate seller
Developers are desperate too and you can often get decoration allowances and whatnot, it’s basically as good as cash
Find a realtor who deals with pre-construction condos. They probably have an inventory or know of other assignment sales.
If the location works, good floor plan, you generally save or sometimes if they’re really desperate they will sell less than purchase price as they cannot close on it.
Catch is, only if you have access to fast cash to close and to close on it.
Definitely have a real estate lawyer involved.