First things first: what is an assignment? It’s when a seller sells their interest in a property before they take possession (ex: before it is built). This means that they are selling the contract they have with the builder/seller.
Investing in an assignment property allows you to get that nearly finished condo in a year, versus waiting for 3 or more years for a construction project to be completed.
Some other benefits to investing in an assignment property:
- Up-and-coming neighbourhood
- Latest finishes, desirable for renters
- Project has usually already started, or is nearing completion (lower risk of project becoming derailed)
- Can get the property below market value (usually assignments sell for less than resale)
- They are often harder to find, as most builders prevent assignments from being marketed
- These sales can get complicated, so make sure you have a great real estate lawyer, and a great agent (US!)
Call us today to book your complimentary private consultation. 416-222-0025.