Buying a new condo - what you need to know?

Buying a pre-construction condo can have many advantages if you do not need to occupy the unit right away. You will be able to customize your own suite by picking the finishes and features as well as a choice of floor plan, location in the building along with level. But picking from a floor plan is a lot different than actually walking through the space and the stunning model suites are designed to attract you. It may come as a shock to you that your condo may not look like model suite and the final cost may be a lot more than the price you thought you were agreeing to so there are some things you will want to consider.

Know what you’re signing

When you sign a contract with a builder, you have 10 day cooling period in order to be certain about your purchase. During this time, you need to have a real estate lawyer review the contract and make sure you choose one that is familiar with pre construction condos. The lawyer will read the fine print in the agreement and go over any adjustments or chargeable items on closing. It is wise to make sure these fees are capped so you are aware of any additional costs and what will be added to the purchase price at time of closing.

A lawyer may also be able to add clauses to the contract to protect your interests, including having floor plans, including room dimensions, finishes or other details written into the contract itself.

Make sure everything is in writing

What you see is not necessarily what you get so don't be fooled by the fancy brochure and showcased model suite. You will want to ensure they are truly a representative of the finished product. Do not rely on the verbal assurances of the sales representative in the sales center as they are not legally binding. You want to make sure you have the floor plan and finished outlined in a writing in your contract. Also as materials change over the time frame of construction, don't forget to take pictures of the standard finish samples they are offering to ensure same or similar quality at the time of selection.

Be represented by your own real estate agent

Being represented by your own real estate agent will ensure your best interests are met. They can help you pick floor plans, and point out any advantages or disadvantages with certain units. By helping you avoid common mistakes, you will be satisfied with the end result. There is no cost to you using an agent and you know someone is representing your interest and not the developers interest.

Also a realtor can inform you of the developer's track record condo buildings. You will want to make sure the builder delivered the product as promised, delivered the finished condo in a reasonable amount of time, quality of workmanship along with previous track record of appreciation upon completion.