10 Tips for Buying New Condominiums
1) Make sure that you get a pre-approved mortgage commitment with an agreed-upon five-year interest rate when you commit to a Condominium.
2) Don't rely upon anything unless it is in writing. If you have any concerns, make sure you have these concerns answered in writing.
3) Be flexible on your closing date. Don't expect new condominiums to be finished on time.
4) Don't purchase a condominium with the expectation of being able to flip it on or before closing for a profit.
5) Do your homework. Compare the price per square foot for new condominiums with resale's in the area.
6) Don't be pressured into making a decision. A lifetime real estate opportunity presents itself with every new condominium built.
7) Buy what you can afford. Factor in commuting costs, taxes, common area maintenance and closing costs.
8) Make sure you know the area that you are buying. Visit it at night. Commute to and from the area to test traffic patterns during rush hour.
9) Research the history of the builder. Rely on printed material rather than spoken material.
10) Make sure your communications are via email. Email is not legally binding because it can be altered, but at least both parties will have a written email trail if a disagreement should arise.
If you have any questions feel free to email me.
Elegant Homes in West Toronto has compiled a list of condo's for sale and presale.
West Toronto Waterfront
West Toronto Etobicoke Kingsway
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