Real Estate Tips for Pre-Construction Condo Buyers in Mississauga
Tuesday Jun 25th, 2019
Mississauga’s skyline offers no shortage of resale condominiums, but the market for pre-construction condos is equally as robust. Buyers can have their pick of various developments, offering lake-side views, high-class amenities and stunning cityscapes, plus the starting prices range anywhere from $300,000 to $600,000 or higher.
There are many benefits to buying a condo in the pre-construction phase. Once built, homeowners can enjoy newly constructed suites, new appliances, the latest amenities and – in some cases – completely new neighbourhoods surrounding the development. Appreciation and returns are also much higher for these builds. The trade-off, however, is that it can take years before pre-construction buyers can move into their condo.
If you are considering a pre-construction condo, there are some important tips to keep in mind. Here is a list from the Condominium Authority of Ontario to help you make an informed decision:
- Make sure you understand exactly what is and isn’t included in the purchase price.
- Carefully review the unit’s layout, boundaries and unit factor.
- Review the planned amenities and decide if they meet your needs.
- Make sure you have a good understanding of what you can afford in common expenses fees and determine what the expected fees for the unit are.
- Carefully review your disclosure statement and clarify any questions you might have with the developer or a legal professional.
- Ask about what types of changes or modifications are permitted, and how much they cost. This includes bigger modifications like moving windows and doors, and smaller things such as flooring or cabinet colours or finishes.
- If you are concerned about future development or changes in your area, you can inquire with your municipality about whether there is any planned construction nearby.
- Ask whether the utilities will be included in the corporation’s common expenses, or whether each unit owner will pay individually for their own.
- Ask the developer about noise and/or odour reduction measures.
- Review the information about new condominium warranties on Tarion’s website and the different occupancy dates included in your purchase agreement.
- Confirm with your developer that the building will be accessible for individuals with disabilities, particularly if you or someone who will reside in the unit has accessibility needs.
- Speak to a lawyer and/or real estate professional before signing any documents.
If you are considering a pre-construction condo, but you’d like the advice of a realtor, please contact me, Deborah Clerk, Real Estate Sales Representative, ASA with Keller Williams Realty Solutions, Brokerage in Mississauga, Ontario. Whether purchasing a resale property or pre-construction, I can provide sound advice to guide you home.