What to be Aware of When Purchasing a New Condo Development Project
When considering buying a brand new condo in Toronto, or anywhere, there are a few things you need to understand. First of all, just because a new condo development project has launched doesn’t mean that a shovel will hit the ground the next day. What you see right off the bat is a model of the site, a model of the suites themselves, and a variety of floor plans for the proposed layouts for all the suites in the building. Once you decide this is the unit you want, you buy it directly from the project developer.
Basically, you’re buying the idea and materials of a condo before it’s built into something liveable. That can sound scary, but it’s a great way to live somewhere that’s wholly yours and has never had any previous damages or issues you’ll end up having to deal with. Plus, there’s a possibility of tax exemptions for purchasing a brand new condominium that down apply to resale options. Not a bad selling point, huh?
Before you buy your new condo in Toronto, consider the following four points:
No construction job is ever truly on schedule. The developer is dealing with contractors, seeking approval from governmental bodies, and just genuinely doing whatever they can to see the project through to completion. Understand that while closing dates are set, the likelihood of those dates being extended is high.
Be patient and stay flexible. Make contingency plans in case your occupancy date is delayed or construction has to be halted for a time. Your suite will materialize, but new condo development projects take time.
Though you will eventually be able to move in, that doesn’t mean everything else is finished. You’ll inspect your unit before hanging up pictures and putting away boxes you’ll forget about and take note of anything not completed. Whatever hasn’t been finished will be done after you move in, as, most likely, will the amenities. The developer wants to get you into what you paid for as soon as possible. Everything can wait so keep that in mind.
To a degree, your floor plan is a roll of the dice. Whatever is on paper might look great but it could be difficult to really see what it will be like before it’s built. Sizing, layout, the features in the suite, and finishes are all subject to change according to the developer. Make sure to thoroughly read through the Agreement of Purchase and Sale so that you know exactly what you’re paying for and agreeing to. As well, don’t get sucked in by the marketing drawings. They look nice but it’s almost always conceptual, not a representation of the finished product.
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