Resale or Pre-Construction
Making the decision whether to buy an older condo or one that is in the pre-construction phase can be a hard one. Older buildings will offer more space for the dollar, but will have high maintenance fees and may require renovations. New buildings will have lower maintenance fees but smaller space for the same price. Also new buildings will usually have better amenities. As a Buyer, you have to decide what works better for you.
The reputation of the developer is an integral part of the buying process. Ask your Realtor® and research the developer. Some developers specialize in specific types of projects, whether mid-rise or high-rise, luxury or affordable. It is important to know the type of condo in which your developer specializes.
High Floor vs. Low Floor
Usually higher floors command higher prices, as they offer privacy and better views. The view may be better on a higher floor but a great view can increase the value and price of a unit. Building access also varies between high and lows floors. If easy access is a big deal to you, then the podium level, eg. the first three to five floors is a great choice. Elderly and restricted mobility persons may also prefer a lower floor. All buildings have accessibility units for sale. The upper floors are a perfect choice if you value peace and quiet, allowing you to avoid traffic noise.
Tarion enrolls new homes for warranty coverage, investigates illegal building practices, resolves warranty disputes between builders and homeowners, and promotes high standards of construction among Ontario’s new home builders. New homes with Tarion Warranty are guaranteed to a standard.
Amenities benefit a property and thereby increases its value. Tangible amenities can include guest rooms, elevators, wi-fi, restaurants, parks, communal areas, swimming pools, golf courses, health club facilities, party rooms, etc
When purchasing a pre-construction unit, the builder will require periodical deposits. This will be outlined in the first page of the Agreement. Speak to your Realtor® and ensure you`re able to fulfill the deposit schedule prior to signing. Deposit schedules can be amended.
The maintenance fee covers the operating expenses for the building and usually includes property taxes, building insurance, management fees and common area upkeep.
Although they can be complicated, assignment sales are a great opportunity for both buyers
and sellers. An assignment is the sale of a condominium during the occupancy period or construction phase and prior to final closing or registration of the development. The assignor (Seller) assigns all of their rights and obligations under their contract to the assignee (Buyer).
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