Thinking of buying a builder property which is due to be delivered in next 2 years. Any risks I should be aware of?

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The downside of precon properties is that you’re paying more, your money is tied up now, and you might face delays. It’s basically a free loan to the builder

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Well for us it was around 2014. It was a 2 car garage detached house north of GTA. Purchase price was 700,000. Now the value is around 1.2 million. There were some delays in construction so we got our house and started paying mortgage in 2017.

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Consider if you care about the materials and finishes shown in the original design, there is usually budget issues at some point and all those items get downgraded because it’s usually not in the contract. Just general cheapening over what you would have seen in a model version.

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How is Remington in reputation? The one I am considering is a Remington property

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I did this 8-10 years ago and made good profit despite the delays. I had a good experience with Tridel & Minto but never heard of the builder you mentioned. Having said that, the precon prices have recently gone crazy so I am not sure if it is worth it at this point. If you still want to go ahead, make sure your contract has a cap on development levies and allow assignment sale in case you decide to sell prior closing.

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