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We were looking into purchasing a pre con condo. Pros are: Great location- near a university With rental guarantee- for 2 years Cons: Cost of a 1 BR is 550k plus closing costs and other fees of about 50k. Basically, 600k for a shoe box not even built yet. The closing is 2027 but tentative occupancy is as early as 2025. So here is where we got turned off- when you get interim occupancy, you have to pay around 3-4K to the builder. And since it’s not officially your property yet, the payments don’t go towards your mortgage, and this can drag on up to 2 years. Given the rates and so many variables, we don’t think it’s a great investment. We threw in the towel and rescinded our offer. The realtor thinks we made a huge mistake. So Reddit, did we dodge a bullet or miss an opportunity?
Condo risk aside that setup sounds too speculative for my taste.
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