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Aug 28, 2015

Buying a pre-construction condo in Vaughan

Get exactly what you want with a pre-construction condo in Vaughan

Most people buy resale properties that have been designed and built with somebody else in mind. The original purchaser chose the floorplan, the colours for the hardwood flooring or bathroom tiling, and other finishing touches. Buying a pre-construction home – a property that has not yet been built – gives you the opportunity to have a say in some design elements of your new home. You will be able to select a floorplan from a range of choices, pick a colour scheme, decide what kind of carpeting you’d like, and more. Buying pre-construction can be a risk, though, and Dmitri and Stanislava of Shop a Property will help you get the best deal possible, with a builder who is reliable.

Negotiating a fair deposit

Deposits on pre-constructions tend to be higher than deposits on resale homes, because the builders use the deposits to fund the construction. The requirements surrounding deposits vary from one builder to the next. Some builders keep it simple and ask for a fixed amount on signing the contract with the balance due within a certain number of days. Others are a little more complicated: they might require payment on completion of certain phases of the construction. Shop a Property will negotiate a reasonable deposit for you, and they will ensure that you understand exactly what amounts need to be paid at what times.

Understanding the agreement

When you buy a pre-construction, you enter into an agreement with the builder. You commit to making agreed-upon payments by certain dates, and the builder commits to constructing a home according to the specifications that you have selected.

Dmitri and Stanislava of Shop a Property will go through the agreement with you, and help you understand some of the finer points, including the following:

-        What happens if there are construction delays

-        What changes builders can make during construction

-        What “builder adjustment costs” will be applicable when construction is complete

-        What the initial condo fees will be, and what increase you can expect in the first couple of years

Pre-construction regulations

There are a number of regulatory details that you will need to know prior to purchasing a pre-construction. Builders have a certain amount of leeway when it comes to changing the construction plans, so you could end up with a unit that is not exactly what you asked for in the beginning. The good news is that pre-construction purchases come with a ten-day cooling-off period, in which buyers can back out of the agreement without incurring a penalty.

If you are considering buying a pre-construction, Dmitri and Stanislava of Shop a Property will go over these regulatory items and more, to ensure that you are completely comfortable with your purchase decision.

Dmitri Alexandrovski and Stanislava Petrova are real estate brokers specializing in Toronto, Vaughan, Maple, Thornhill, Richmond Hill and Woodbridge. To find out more about buying, renting or selling real estate in these locations, please call them at (647) 886-3462 or (647) 274-5528.

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