A condo is a personal residence or unit in a building. And nowadays it is becoming trendy to buy a pre-construction condo in Toronto. Buying it that too during its pre-construction phase requires knowledge and smartness because you are going to invest a huge part of your savings on it.
You expect the builder to deliver you what he has promised. So do enough research about the builder. Go for online reviews and comments, also never miss checking the portfolio. It is the best source to know about the reputation and status of the builder in the market. Talk to other people in the industry like real estate agents and contractors to know about the builder.
Now you must be looking for some helpful tips for buying a pre-construction condo. Then do not miss to go through the following points.
1. Talk to Condo Buyers
Search for buyers online and ask them about the key points which must be considered while buying a condo. Have words with them about the whole procedure of buying it. The personal experience which they will share can help you alot by saving your time and efforts. Also, you need not spend your energy on thinking whether the builder is trustworthy or not. If they had ever gone through a bad experience, then they will definitely narrate you to be aware of certain things.
2. Try buying earlier
Price of condominium increases with an increase in their selling numbers. So try to buy it as early as possible. Builders usually use the strategy of selling at a lower price initially to attract the customers and to recover the money they are investing in condos. Use it as an advantage for yourself.
3. Check the location and neighbourhood
Minutely study the location where you are thinking to buy the condo. You must check if that area is having recreational facilities, shopping mall, and schools nearby or not. Nobody will prefer an underdeveloped area far away from such facilities. Talk to your family with whom you are going to live there and take their suggestions. However, a professional builder will always assure you with every possible facility.
4. Check the house plan
Planning is the most crucial part of building a condo, so it needs to be done in a well-organized way. Do not just get influenced by eye-catching layouts of the design. Think practically and see if your long term requirements will be fulfilled by the condo or not. Changing mind at a later stage can be penalized. Normally, if due to some reasons you change your mind then you have a time period of 10 days in which you can withdraw your money without any penalty.
5. Making a deposit and installments
If you ever happen to find a perfect condo for yourself that drive your interest, then you are required to pay a deposit of 15% to the builder. It is usually done in three installments. After the completion of construction, you need to pay development fees, land transfer tax, and legal fees. Get your contract verified by a lawyer because there are certain things which only they can make you understand. Remember, for a condo having single bedroom $5000 cap is set and for two bedrooms it is around $6500 to $8000.
So now that have gone through the tips, make sure to study them while purchasing a condo. Be logical and keep your budget and requirements in mind while making an investment in it. Do not just go for the looks.
Hope this article was helpful. Let us know your reviews in the comment section.