1 / 17

Condo Living

Condo living has seen significant growth in the past few years. Tons of people are flocking to freshly constructed condos and are snapping up pre-construction units faster than theyu2019re being built. Condo buildings provide essential amenities to residents such as underground parking, gyms, pools, spas, and even some might have grocery stores and banks on their first floor for convenience. Maybe that is why more and more people prefer to live in condos.

Phoenixfly
Download Presentation

Condo Living

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CONDO LIVING Important Factors To Consider When Buying A Pre-Construction Condo

  2. Ready to buy your first condo? Condos offer many benefit: Amenities, Convenience and Parking. You don’t have to worry about taking care of a lawn or Maintaining a three storey home with more bedrooms than you really need.

  3. With condos popping up across Ontario, it’s no wonder that people are vying to snatch them up before they’ve even been constructed. If you’re looking to buy a pre-construction condo, there are certain factors to consider when making your decision.

  4. Your Deposit The Rescission Period 01 02 Ready to buy your first condo? The Waiting Period Prepare For Changes 03 04 In The Interim Additional Fees And HST 05 06

  5. Your Deposit The benefits of pre-construction condos is The deposit is paid over a period of time, as opposed to providing 20% all at once when buying a resale condo. This grants you the financial flexibility Upon signing your agreement, If you wish to allocate the funds to other investments or give yourself some time to save up the required payments. The builder will require increments of your deposit to be paid over a set amount of time.

  6. The Rescission Period Anyone who purchases a new condo in Ontario is allotted a 10-day cooling off period to reconsider. This 10-day period is based on calendar days and not business days. The cooling off period is provided so that you, the buyer, can review the agreement with your lawyer and realtor and if there’s anything there that doesn’t make sense or seems off, you have time to correspond with the builder or change your mind entirely. Your deposit will be returned if you back out of the contract before the 10 day period is up.

  7. The Waiting Period Pre-construction condos come with a waiting period. The builder will give you an expected date for the completion of your unit and the building itself, however in some cases there may be some delays. Overall condos are completed on time, but special circumstances could cause some minor setbacks to your projected move in date.

  8. Prepare For Changes When it comes to pre-construction condo buildings, the changes that may occur are only supposed to reflect the building itself and not the unit your purchased. You are protected from what are considered material changes and your agreement will outline what those changes are.

  9. Additional Fees And HST When buying a pre-construction or resale condo, you’ll be subject to condo fees. In pre-construction buildings, the fees are lower because they are set well in advance of the building being constructed. In a new building you can expect your fees to increase 10-20% in the first few years to adjust to the costs of what management needs to run the building.

  10. In The Interim When your new condo unit is built and you are ready to move in, there is what is known as the period of interim occupancy. This does mean that you can take possession of your unit and move in, however, during the interim period you actually don’t own the condo yet. This is because the land transfer to the building hasn’t occurred yet. In the interim you pay the builder an amount that is equal to what your mortgage payment, condo fees and taxes would be until the condo is officially registered. This is when your mortgage will come into effect and the builder transfers the unit over to you.

  11. Buying a pre-construction condo may seem like a lot to take in at first, but if you have the right real estate agent and mortgage broker in your corner, you’ll be well prepared for your new investment. If you’re in the market for a pre-construction condo, it’s especially important to work with a VIP broker. The pre-construction market in Ontario is very specific and if you don’t know the ins and outs, you may find yourself overpaying for a tiny unit you no longer want once the construction is completed.

  12. What is a VIP broker? When builders announce their new development project, they might first give access to the builders’ friends and family. Then, the builders grant access to their community of VIP brokers before the general public is allowed access to remaining floor plans and pricing. VIP brokers are real estate agents that are granted special status by the top developers in the GTA so that they can offer their clients early or exclusive priority sales on pre-construction condos.

  13. How early you should buy

  14. Eight reasons to have a VIP broker Better access VIP brokers are given special access to pre-construction buildings. They work with the builders to provide you with great access to new projects which leads to better prices. 2. You’re vetted Builders trust the VIP brokers they formed relationships with and that trust is transferred to the buyer. VIP brokers will not present buyers who have a history of bankruptcy or ill-advised investments. 3. They’re vetted There’s a reason that brokers earn VIP status: they’re knowledgeable at what they do, are trustworthy and deliver results.

  15. Understanding the ins and outsA VIP brokers knows everything about the pre-construction market and all the terms involved Unlocking savingsWhen builders give VIP brokers access to their pre-construction building, they are also giving them access to savings. Telling the truth about floor plansYour VIP broker has looked at thousands of floor plans and will be able to tell you which units have narrow hallways, or lack windows in key areas so that sunlight cannot get in, or if the bathroom is in an inopportune place like by the front door or kitchen. They know the GTAVIP brokers know which neighbourhoods to avoid and which ones you should invest in. The Price By working with a VIP broker you are guaranteed that you are buying the condo unit at the lowest price possible and at the earliest time possible.

  16. Conclusion Condo living has seen significant growth in the past few years. Tons of people are flocking to freshly constructed condos and are snapping up pre-construction units faster than they’re being built. Buying a condo in Toronto has its perks and what better time than now to take advantage of them?

  17. THANKS Does anyone have any questions? kevin@yourcondos.com 905-940-3428 www.yourcondos.com Follow the project updates

More Related