Pre-construction purchases are far different than buying existing properties. With pre-construction real estate you basically buy floor plans. This can be proven to be a complicated task because basically, you cannot experience the product.
After you choose the pre-construction project, you want to buy and your plan, it's time to sign the agreement that is used for a pre-construction condominium. It is far different from your standard resale agreement. Don't be afraid when you see an agreement because it is significantly longer than the resale agreement. You can consider the best pre construction homes in Vaughan at https://www.ateamcondos.com/preconstruction-condos-vaughan/.
At this time the building has started construction and you will be called for color selection. At this time you will start choosing the color of finishes and your condo features. Most developers also give buyers the opportunity to pay for enhanced material at that time if it is something they want to do. About a year (or more) after the color selection process, you will be given your new suite key.
In terms of real estate, this is called temporary occupancy. Even though you don't have the right to your unit, you live in it and pay what we call "residential fees" to the builder. This figure reflects a portion of your tax, maintenance costs, and interest in the remaining balance payable. You are allowed to rent out your units during the residential period, but please note that you will not be eligible for your GST rebate if you choose to do this.
Unlike buying existing condos, the pre-construction purchase process is a long one. The majority of the time you buy around 2-5 years earlier. Even though this is a long waiting period, the benefits can be very useful when you buy in the right location, with the right builders, and at the right time.