Buying pre-construction condos was one of the most popular things to do just a few years ago during the 2003 to 2004 heat of the real estate market. There are tons of people who made millions of dollars building and selling pre-construction condos… and many that made hundreds of thousands buying these condos and then renting or selling them.
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However, many lost it all when the market bottom fell out.
But these days with the economy showing some strength, there is an opportunity to purchase pre-construction condos… although the game plan has really changed. No longer is this going to be about short-term profits, but long-term profits.
Pre-construction condos have the potential to be a great investment. Here's what typically happens… the building will have the project slated for construction to the point where they are most likely never going to kill the project.
So the builder makes their money and initial investment back when all the units are sold and it's in their best interest to presell so they can calculate their profit and know that the project will be successful.
In order to get interested in a piece of property that isn't even built just yet, they will sell them at significant discounts compared to what the price will be when they are finished.
That is your opportunity as a buyer to purchase a property as a discount to market value and when the condo is complete… you'll have an immediate spike in market value and you'll be sitting on equity from the start.
Currently, with the real estate market hopefully turning around, this will begin to really present itself as a way for you to be a smart buyer and drastically bump up your net-worth.