Thousands of people are showing interest in buying new pre-construction condos in the Greater Toronto Area for themselves and their family. Here are some answers to the most frequently asked questions about pre-construction condo buying and selling.
1. Will my condo be ready on time?
Potential condo buyers are always on the lookout to find the answer to the question, whether the condo unit they are looking to purchase will be ready on time or not. It is an age-old notion that if you are purchasing a condo during the planning and early design and approval phase, you might have to wait for a very long time before you can take possession of your condo unit. Though there might be some truth in this, it is certainly not the prevalent norm especially if you conduct an extensive research and ensure that you are purchasing from a reputed building company. Delays in the building regime can occur due to several circumstances which are beyond the control of the builder, like poor weather conditions or labour strikes. However, builders with a solid track record, make it a mission to stick to the estimated completion date of the project and more often than not are successful in completing the project in the given time frame. It is always advisable to conduct a research on the history of the builder from whom you are looking to buy your next condo.
2. Will there be protection for my deposit?
The initial deposit for pre-construction condos is typically 20% of the purchase price of the unit. Although the Condominium Act will guarantee the safety of your deposit, it is advisable that you inquire from the developer the ancillary rules that they have in place to protect yourself from fraud and to ensure that your deposit is absolutely safe. When you are looking to buy a new pre-construction condo, your purchase fees will include Tarion Warranty Corporation enrollment fee, which ensures the security of your initial deposit up to $20,000. So in case, the construction of the condominium stops as a result of some unforeseen circumstance, your financial loss won’t be significant.
3. How do I ensure that the condo I am buying will meet my expectations?
If you are purchasing a condo from a reputable developer, be rest assured that it will certainly meet the expectations you have. Take your time and scrutinize each floor plan carefully, assess the common amenities, features, finishes from the building renderings. It is important to keep an open mind and to ask all the necessary questions that you might be having. You can visit other condo apartments in the neighbourhood to see what they are like and what to expect from your building. Draw comparisons have an inquisitive approach to buying and you will end up landing the best unit in your preferred neighbourhood. For your assistance Condos HQ is here to help you with all your queries. Our experienced team of real estate experts will help you throughout the condo buying process and will ensure that you get nothing but the best!