Considering the abundance of brand-new condo developments, why would anyone consider purchasing a unit that has already been on the market for some time? You can buy a pre-construction apartment that meets your needs and allows you to lead the kind of life you envision. In reality, a contemporary condo complex offers a wide range of advantages and conveniences that are unmatched in the industry.
Is it possible to give some advice on what to look for in a condo and what to remember to consider before making a purchase? Use our comprehensive condo buying guide to ensure you make the best possible choice when purchasing new build condos during the pre-construction phase. You’ll have the option of selecting the perfect dwelling for your family’s needs.
Funds deposited
Before deciding, check with the builder to see what percentage deposit they require. The minimum down payment for a Toronto condo for sale on the secondary market is 5%. While a 10% deposit is typical for a completed condo, a 15%-20% deposit is typical for a pre-construction unit. The main reason for the larger down payment is that the purchasers require more money for the building process.
Consequently, it is essential to confirm the deposit and discuss the instalments with the customer at the time of the purchase. If you’re interested in a pre-construction condo, you should be prepared to spend a larger deposit.
When will it be delivered?
Know when you can move into your condo. You should verify the contractor’s past work when he gives you an occupation date. Get the scoop on any recent instances of the developer delaying the project. Every buyer requires a firm and unwavering completion date.
The Parking
An underground parking garage is standard in new build condos. Knowing whether or not parking is included in the condo price is essential. A parking spot is usually something you have to pay for. So, be sure you know what to expect to pay. Consider getting a parking space together with your apartment. It’s possible that you can negotiate a considerably lower rate for the location.
The Facilities
Know what services are provided on-site before you commit to a purchase. These days, it’s not enough to have a room; a swimming pool, gym, conference rooms, outside patios, and the like are all expected. You must know what facilities and amenities come with your property; therefore, it may be necessary to check out different websites or contact the developer about the project’s specifics.
Conclusion
It’s not as easy as you may expect to get your hands on a good pre-construction apartment. Prospective locals have a lot of things to think about. Remember that the sales team’s primary objective is to close a deal. So, don’t believe everything you hear from the salespeople. Get as much information as possible about your new apartment before moving in.
