Before buying a brand new condo in the real estate market, a few things have to be known and taken care of before you put your money in. Those things are:
1- Location: Location is one of the most important aspects of a condonium. Some areas are quiet and peaceful whereas some are loud and busy. It is up to you which area you would want to live and the kind of location you prefer. The neighborhood also reflects the kind of lifestyle you want for yourself.
2- Floor Plan: The floor plan is the basic layout of the condonium. Often it has been realized that the actual area of the condoniums have gotten smaller whereas the price per square foot has been increasing steadily. Thus lay out your needs for space and look out for the various areas regarding each of the bedrooms, hall, etc so that when you actually move in, you don’t find the space insufficient for your use.
3- Upgrades: After almost a year or so after construction of the condos, the buyers are called in for the choice of fittings, floors and colors they want in their condos. Such upgrades are paid upgrades and if you want to implement your kind of lifestyle in your condo, make yourself educated about the various kinds of costs behind the upgrades and the kind of upgrades you really want and the ones which you can avoid.
4- Reputation: Know about the area as well as the builder who is behind the condonium and do proper research on him. Whether the builder is reputable, has enough buildings in his ally, are his customers satisfied with the services given to them etc.
5- Plan Ahead: Almost 100% of the Construction Activities are delayed by a certain amount of time. Regarding the condoniums, they are mostly delayed by a period of 6-8 months. Thus keeping in mind the delay, keep the backup ready if the construction gets delayed.
6- Early Bird gets the price: Prices of condoniums often tend to increase once enough reputation is gained by the condonium. Hence try to buy the condonium as early as possible. This can happen with the help of your real estate agent. You can ask him to book seats in the special VIP sales events where the prices are considerably low than the ones compared to the later stages and thus you’ll be able to save yourself some money.
7- Check the contract: Once the agreement has been done, get your agreement and the contract double checked by your lawyer and go ahead with the deal only after getting his approval. This approval can be done in the cooling period. Cooling period is the time space of 10 days given by the builder to the buyer for cross-checking the agreement and to make the final decisions. This cross checking can help you save some costs by curbing some of the development costs.
8- Assignment: Before finalizing a deal, do check the closing costs and the assignment rules as given by the builder. These two points are often neglected by buyers and in the end set they back by almost $20k. Therefore, these two agreements should always be checked and any doubts regarding them should be solved as soon as possible.
9- Questions: It is never too stupid to ask. Ask any questions you have regarding the condo, the agreement, and the various costs along with the real estate agent, the builder and the lawyer. Any building terminology you did not understand or any doubts you should be cleared right away.
One more thing; always have a knowledgeable agent with you before going out to buy condos. They’ll help you get a good deal.
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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.
Information is deemed reliable but is not guaranteed accurate by TREB.
Toronto Real Estate Board - IDX Last Updated: 2/21/2019 11:27:34 AM