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Sunny Patheja - Real Estate Brokerage in Canada GTA | Buy, Sell, Invest | Questions to be asked before Condo purchase
Questions to be asked before Condo purchase
Education Center
Questions to be asked before Condo purchase
The first stage has been crossed; you have decided to go ahead with a Condo purchase. One of the next decisions that comes up is – do you go in for a new unit, or would it be preferable to go for one on the market for resale? In other words, pre-construction, or resale? There is no ready answer to this, as this has pros and cons on both sides, and it depends on the individual preference, resources available and requirements.
Pros:
Commodity Factor & Customization : As a customer, you would ideally want the latest trends in Condos; this will not be available in the resale market. Secondly, pre-construction also provides better feasibility of modifications as per choice – in simple terms, customization, for example, flooring, kitchen layouts, counter tops etc.
Price & Financing:
Arbitrage Factor : For a variety of reasons, pre-construction condos offer better pricing – you can even find a deal that is below market value.
A pre-construction unit is easier to plan for and is much easier on your budget; you usually get 1-2 years to pay the down payment. Further, the same may not be 20%, which is the norm for resale units, or the deposit may be due over a period of time. It may also be lesser. This helps your planning and manages your cash flows much more efficiently
A pre-construction unit allows you to lock into a good price or deal if you find one
In many cases, developers also give support in way of incentives in the pre-construction market
Time is something you get – which helps a lot, as the mortgage payments start only when it is fully ready. This helps plan out your mortgage strategy, and gives you ample time to hunt for the right offer on the same. That said – if you are in immediate need of a condo – then maybe a resale unit is the option for you!
The Developer Angle : In the Pre-contruction market, the developer actually needs you as much as , if not more, than you need him. As they have a large number of units to be sold, there are chances of finding good deals here. While an existing owner of a resale market unit is after a profit, at a target price, and has but one unit to sell, he or she can afford to wait till their conditions are met.
New Home Warranty : Most new condos in Ontario State have the facility of a New Home Warranty {paid for by the customer}, that protects you from the risk of the developer shutting shop and going away! This applies to the unit as well as some of the components for a period of upto 7 years from the time of occupancy
In the final decision, also take careof / factor in:
Not built Yet, not tangible : A Pre-construction Condoa has not yet been fully built – you cannot walk through the same and get a proper feel. You are dependent on the Developer’s past experience and other condos built
Mortgage Risks: Interest rates may change, or the mortgage rules might change; their might be a change in your financial outlook
HST Tax, Occupancy Fees & Development Fees : Pre-Construction Condos also have costs associated with them – please ensure you get fully acquainted with the specifics of costs like Development Fees, which are charged by the municipal authorities – these should be capped in your contract. If you do not plan to move in immediately, you are liable for a 13% HST Tax. Lastly- there is occupancy fees – the fees payable for the interim period between possession and moving in.
Own requirements : If you are in immediate need of an accodomodation unit, then this is a key factor to be considered!
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