When you plan to buy pre construction condo in Toronto, there are a few things that you must do to make sure that you are getting the best deal possible. First, you must check the plans for the building. This will help you avoid mistakes later on. Also, you need to check for allowed construction variances. These are big issues that could cost you thousands of dollars. Lastly, you should have your lawyer review the offering plan to make sure that it covers all the important elements.
Check the condition of the property:
Another thing to check before buying a pre-construction condo is the property’s condition. While it may be cheaper than resale condos, they are not move-in ready and can’t be sold. If you’re moving in quickly, you may want to avoid pre-construction condos. While they can be a great investment, you should also be prepared for the construction delays that can occur.
Consider the location:
Lastly, the location is an important consideration. Buying a pre-construction condo can be expensive and can be difficult to sell. It is best to choose a development with a proven track record. Even if you can’t move in for a couple of months, you can still get a great deal. Despite the cost of the unit, it may be difficult to find another suitable place to live.
Always negotiate for an outside date:
If you’re moving in quickly, a pre-construction condo is probably not for you. Many developers offer “move-in ready” units. This means that you can be in the building before construction starts and avoid the stress of waiting. You should also check whether the delay will leave you stranded. You should always negotiate an outside date in your purchase contract to avoid being stuck with a looming contract.
Find out the builder’s timeline:
The first step in buying a pre-construction condo is to find out the builder’s timeline. Even the best developers tend to experience delays, and a pre-construction condo is no exception. You must also find out if the builder will allow you to cancel the contract if it’s too late to move in. This is important to know before purchasing a pre-construction condo.