The Ultimate Checklist While Buying a Pre-Construction Condo
Why buy a resale condo when there are plenty of options for newly constructed condominiums? You can opt for a pre-construction condo that fits your requirements and provides you with a lifestyle that you want to live. In fact, there are plenty of world-class benefits and amenities that come with a modern condo development. So, what are the things that you should keep in mind while buying a condo? This ultimate checklist for buying a pre-construction condo will help you in making the right decision. You will be able to pick a home that will be ideal for your requirements.
#1 The deposit
Confirm the deposit percent with the builder before making a decision. Resale condos in Toronto require a deposit of 5 percent. On the other hand, a pre-construction condominium will require a higher deposit in the range of 15 – 20 percent. The main reason behind the higher deposit is that the buyers need more funds for the construction. Therefore, at the time of making a purchase, confirm the deposit with your buyer and also ask about the instalments. You should be prepared to pay a higher amount for the deposit if you are interested in a pre-construction condo.
#2 The delivery date
You should be aware of the date from which the condos will be available for occupancy. Also, when you ask the builder about the occupation date, you should check his track record. Find out if there have been any recent cases where the developer has delayed the project. Having a precise and exact date of completion is a must for every buyer.
#3 The parking
Most of the condo developments in Toronto have an underground parking garage. Therefore, it is crucial to know whether the parking comes along with the condo or not. In a lot of cases, you will have to purchase a parking spot. So, make sure you are aware of the prices. Also, if you are interested in buying a spot, try to get it when you are purchasing your unit. There are chances that you will get the spot for a much lesser price.
#4 The amenities included
Before making a purchase, make sure you are aware of all the amenities that are included on-site. Some of the necessary amenities such as pool, fitness center, meeting rooms, terraces, etc. are a must nowadays. So, whether you need to check out multiple websites ask the developer about the details of the project, it is crucial that you are aware of the amenities and features that are included with your unit.
#5 The interim occupancy period
Once the development is complete, there is an interim occupancy period during which the buyer can stay in the unit. However, during this period, the buyer does not own the condo. Even though the buyer will have to pay a rough amount for the mortgage with condo fees and taxes. You should ask the developer about the interim period as it will be a great option to live in your future unit.
#6 The 10-day cooling-off period
Every new condo buyer in Ontario has a ten-day period during which he or she can reconsider their purchase. During this period, the buyer is allowed to arrange the finances and have the agreement checked by the lawyer. Moreover, during these ten days, the buyer can back out at any time and get the entire deposit back without any deduction.
#7 The city plans of the surroundings
It is essential to know what is coming around in the region where you will be going to live. You should be aware of all the developments in the region for the next 8-10 years. Figure out how many transportation options will be there around your location and what are the upcoming buildings. These details will clear out whether the region will have all the necessities in the neighbourhood or not.
#8 How will the building appreciate
You should also ask regarding the appreciating of the building. Figure out the number of floor plans that are currently available. Also, you should get in as early as possible. This will help you in getting the best deal, and at the same time, you will be able to get the best location in the building and the one that you want. Also, be clear about the features and finishes included in the condo unit.
Getting your hands on a quality pre-construction condo isn’t as straightforward as you might think. There are plenty of things that future residents must consider. Also, remember that the job of the sales department is to make a sale. So, don’t fall for what the sales team tells you. Do your research and get to know about your new condo as much as possible. Keep the above checklist in mind before buying a pre-construction condo. These few things will help you steer clear of any possible problem and also assist you in making a quality purchase.
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