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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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.
The Smaller Deposit For Condos
A Time to Cool Off
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
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.
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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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