6 Tips for Buying Pre-Construction Condos

If you plan on buying a pre-construction condo, make sure you understand the logistics and real costs before you commit.

Tips for buying pre-construction condos

See more of this beautiful Ontario condo at ComFree

Tips for buying a pre-construction condo #1

Get the floor plan
A floor plan reveals what you are actually getting, so get your hands on it as soon as possible and make sure to study it ad nauseum to ensure that nothing is omitted.

Make sure the ceiling height is correct, take measurements of the rooms and figure out what your living space will actually look like.

Don’t let the demo condo sweep you off your feet; they tend to have higher ceilings and additions that aren’t standard. So ask tons of questions before you commit to a pre-construction condo.

Tips for buying a pre-construction condo #2

Check out the builder
I believe that, in this day and age, there is no reason why anyone should get taken for a ride, and the same rings true in this situation.

Do your own background check and ensure that the builder you are committing to had a good reputation and follows through on requests made.

Tips for buying a pre-construction condo #3

Get everything in writing
Sure, everyone seems great and is so nice, but if you don’t get everything that is promised to you in writing, then you don’t have any leverage.

You’re objective is to protect yourself and make sure that promises are fulfilled and the only way to hold someone accountable should things fall through the cracks is via a binding contract.

Tips for buying a pre-construction condo #4

Understand the legalities
Make sure that you are not surprised with closing fees or a “no assignment” clause that does not allow you to market your condo until the builder completes construction, for fear that it may hinder sales.

Look through your legal documents with a fine-tooth comb and make sure you understand what the particular clauses are before you sign on the dotted line.

Tips for buying a pre-construction condo #5

Be prepared for delays
Even the best laid out plans lead to delays, so plan accordingly. Newly-built homes are often riddled with delays so make sure you have a plan that backs that up. I’m sure mom would be thrilled to have you home for a couple of months.

Tips for buying a pre-construction condo #6

What’s going to happen in the future?
I had a friend who bought this magnificent condo with a view that rivals most skyscrapers. A few years later, however, a new condo was erected beside his and his view was now of a building rather than the sunrise and the landscape.

Ask about the plans for your area in five or even 10 years from now.

Looking for a condo today? Check out ComFree for newly-built condos throughout Canada.

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