Buying Pre-construction Condos

Buying pre-construction condos in Toronto can be tough when if you want to have the best sort of control over the customization process of a condominium unit, or you simply wish to oversee the entire process of a condominium unit, then you would be none the wiser for investing your time and money into proper search

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Pre-Construction

Along with the word ‘pre-construction’ comes a heavy amount of interest from realtors working on behalf of home buyers & investors… learn more

Representing Buyers

If you’ve started looking for a home – and a real estate professional to assist you – your buyer’s representative may ask you to sign a BRA.

Investment

We explain the different options for investing in Toronto real estate and the reasons real estate can be a good investment, especially in the long-term Learn more

Assignment Condos

When you’re on the market for a pre-construction condominium unit, you will almost always be given an assignment clause in the form of a contract.

It may behoove you to get in touch directly with a developer about the condo units in their pre-construction building, but it would in fact be wiser to have a real estate agent who can instead represent you who has a great deal of knowledge about all of the ins and outs of the purchase process, as well as negotiations and closings. Here are some of the primary things you should consider when going through with the purchase of a pre-construction condominium unit in such a building

The Best Sort of Protection and Assurance Buying Pre-construction Condos

One of the biggest benefits to purchasing a pre-construction condominium unit using a real estate agent is that all of the fees are already built into the final price, meaning that you will not end up being surprised by any additional fees for our help. You will also be able to find peace of mind knowing that we’ll be with you every step of the way, regardless.

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The Smaller Deposit For Condos

In purchasing a pre-construction condo, you will have to put down a smaller deposit than you normally would if you were just buying a regular, already-finished condo unit. Sometimes the deposit can be upwards of 25% of the total price; while this may seem like a lot, keep in mind that you are getting in on these units early and thus must pay for it. Also keep in mind that the schedule for the deposits will actually change depending on how the builder wants it set up.

A Time to Cool Off

There is a concept called a “cooling off period” where, ten calendar days after the buyer (you) receives the full and signed purchase agreement or disclosure statement, if at any time you feel that you want to change your mind about all of this, then you can go ahead and get a full refund (plus interest) on your deposit; however, that being said, you should also take that time to acquire legal representation and arrange your mortgage financing before going through with this change of plans.

Pre-construction Project by Tridel Aqualuna

The Acquisition of the Disclosure Statement and Knowledge of Warranties When Buying Condos

A disclosure statement is essentially a document that gives you a full layout of various bits of information about the purchase (and the developer must provide this to you), such as the number of total units in the building, a description of the property, the condo corporation’s current budget, the condo’s bylaws, the condo fees, and the estimated start/finish dates, as well as the various rules and restrictions. Also take note that while all new pre-construction condominium buildings are covered by warranty under the Ontario New Home Warranties Plan Act, you should still go through with a home inspection nevertheless.

Possible Delays

As annoying as it may sound, factors out of both yours and the developer’s control may intervene that cause the condominium building (and thus, the unit you’ve invested in) to be completed at a date later than estimated. The agreement that you made with the builder about purchasing may possibly dictate whether or not there are builder penalties involved. Consider that these delays could be anywhere from 1 month to 6 months to even a full year, so consider alternative living arrangements if you will be occupying the unit yourself.

Designing a 20×24 Creative Studio: Tips and Inspirations

by 29condos | November 22, 2024 | Pre-construction Investing Tips | 0 Comments

Are you ready to turn your creative ambitions into reality? Designing a 20×24 creative studio can provide you with the space you need to nurture your innovation and productivity. From planning the purpose and location of your studio to choosing the right materials and integrating design and functionality, there are several factors to consider. Investing in a 20×24 steel building kit can be a great starting point, offering strength, durability, and cost-effectiveness. With careful planning and attention to detail, your dream studio can become a place where your creativity thrives and your accomplishments soar.

Leveraging a 30×40 Area for Business Expansion

by 29condos | November 22, 2024 | Pre-construction Investing Tips | 0 Comments

Thinking of expanding your business? Consider leveraging a 30×40 space for your business expansion. This size provides ample space to meet increasing storage needs or create an extra workspace. By designing versatile spaces, utilizing steel buildings, and carefully planning the layout, you can make the most of this compact space. Whether you need additional storage, a workshop, retail space, or office space, a 30×40 area can be transformed into a peak-performing business unit. With the right decision-making and design, the journey of expanding in a 30×40 space can lead to countless opportunities and commercial benefits.

Smart Spaces: Innovative Uses for a 20×20 Building

by 29condos | November 21, 2024 | Pre-construction Investing Tips | 0 Comments

Unlocking Potential: The Smart, Space-Efficient Uses of A 20×20 Building

Have ever considered how the plain aesthetics of a 20×20 steel building kit could help unlock incredible possibilities? A simple 20×20 building, often underestimated due to its size, packs a potent punch when it comes to versatility and efficient use of space. Intrigued? Come along with us as we delve deep and explore unique 20×20 space-efficient building uses.

Transform Your 20×20 Building into a Compact Living Space

One innovative use for buildings is micro-living. The world is moving toward minimalism and efficient use of space. So, why not build a 20×20 tiny house?

A tiny house doesn’t mean you sacrifice comfort. It’s about intelligent utilization of space, installing multifunctional furniture, and elevating your living experience. The steel structure of a 20×20 also adds durability, withstanding elements better than traditional wooden structures. Making a home in a 20×20 space-efficient building is feasible and aligns perfectly with the trending minimalistic lifestyle.

Create a Tranquil Home Office

With remote work becoming the norm, a 20×20 building can be the perfect space for a home office. Gone are the days when you had to pace around your home looking for a quiet corner, dodging the chaos of daily home life. Separate your work and living space to enhance your productivity and mental health. With some smart interior design

Caveat Emptor: Planning Changes

This is enticing to not only Toronto urbanites, but to families that are more attracted to a condominium lifestyle as opposed to a detached type home. The in-building amenities that many newer condominiums offer are, to say the least, highly luxurious and convenient for the condo dwellers. Isn’t it exciting to think about having access to an indoor swimming pool, a movie theatre, a high-end gym & fitness facility and so much more…all without leaving the building? Many newer condominiums focus on not only resident parking, but there is also a steady focus on appealing to the needs of visitors to the building, hence ample indoor and outdoor visitor parking spaces. Home buyers are seeing more and more rooftop gardens, BBQ stations, outdoor lounging areas, party rooms with full kitchens & bars and other enjoyable outlets for residents with condominium living…the list of benefits outweighs the cons by far!

The Condo Maintenance Fees and Closing Costs for the Condo Sale

You had condo maintenance fees covered when you originally signed up for the unit, but you may wonder why they suddenly increase at the time the condominium undergoes registration and a board is elected. Well, this usually happens; the increase can be anywhere from 10 to 15% and should thus give you reason to add into your budget roughly 3-5% extra of the original purchase price. Another reason you should budget out that much is because there are also a plethora of closing costs involved in the finality of the sale of the unit, such as developer’s fees, HST on all of the appliances in the unit, and installation fees for utilities

Innovation In Buying Pre-construction Condos

The last points I would like to make known to you are, for one, the reserve funds; if an emergency ever arose with the condominium, there is a nest egg to fall back on, which you contribute to at the closing by paying at least 2 months’ worth of condo management fees towards. The second point is sales taxes: if you are the legal occupier of the condo unit, then you could be eligible for HST rebates on the price you paid to buy the unit. If that is the case, it’s highly recommended you get legal advice regarding the rebates, and I will be able to get you in touch with the best people who can help you with that and get you the rebates without any unpleasant surprises.

Buying Real Estate

As an experienced full-time real estate professional in the Greater Toronto Area since 2006 I know how important an attentive, capable, and professional agent is to ensuring you a successful and satisfying real estate experience.

Selling Real Estate

Location and neighborhoods are other factors when selling a real estate. When you are aiming for the best possible price, you need to have an agent that understands luxury and knows how to sell it to potential buyers.

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