12 Tips to  Consider when Buying Pre-Construction Condo in Toronto

12 Tips to  Consider when Buying Pre-Construction Condo in Toronto

pre-construction-condo-Toronto

Buying pre-construction condo in Toronto is different than buying resale condo or a house.
for best results and enjoyment with the purchase of pre-construction condo in Toronto consider the following:
  1. Location – proximity to transit, water,  easy and close access to highways.
  2. Down payment requirements and incentives – every project has different down payment schedules and incentives. During the cycle of the project they also change, sometimes builders offer great deals near the end of construction.
  3. Price per sq. ft. – many will compare price per sq. ft. This is only one of the metrics to consider and perhaps not the most important one.
  4. Amenities – pools drive the maintenance fee higher. However they are nice to have if you will be renting it out.
  5. Views – this is a big one. The nicer the view, the more expensive the price and more desirable now and in the future.
  6. Maintenance per sq. ft. – this is often arbitrary number established by the builder. Price will change once the building is occupied and managed by the new condo board.
  7. Size and layout of unit – this combined with the view will have a huge impact on your enjoyment and resale value down the road.
  8. Assignment clause and fee – needs to be properly explained and understood.
  9. Builder levy and closing costs cap – same as the assignment clause, speak to the builder and make a list of everything that is discussed, included and capped or not. Have your lawyer review and explain your obligations and exposure to unforeseen expences.
  10. The Builder – consider their track record and completed projects. In this category also include the architect, designer and construction company.
  11. The Neighbourhood and the tenant vs. owner-occupied expected mix.
  12. Your source of information – who is supplying you with information? Their experience and knowledge.

Look for my future Blogs where I will explain every Tip in more details.

Todor Yordanov is a real estate agent, living and working in Toronto and area. His passion for real estate education and  new construction combined with many years of successful investing in real estate makes him an important source of information and trusted advice. His mission is to help as many people as possible to discover and achieve their goals in real estate. For more information see also: http://realestatenetworktoronto.com/