The Macchiusi Sales Team, Weiss Realty Ltd Brokerage (2022)
Tips for Buying a New Condominium
Look over the unit’s drawings and specifications so you’re clear about the floor measurements. Do they reflect the actual floor area of the unit or do they include the exterior and interior wall floor space areas as well? Verify where the unit’s boundaries are and that your unit factor is reasonable.
Find out whether or not you can have changes made to the placement of walls, windows, doorways and types of doors (such as a pocket door) and what the costs would be.
Inquire whether the building and/or your unit will be accessible to someone with limited mobility. What universal design features will the unit include?
Find out if there are plans to reduce the ceiling height anywhere in the unit to allow for ductwork and other mechanical and electrical services. This can have an impact on the esthetics of the unit and the eventual location of lighting fixtures and furniture as well as wall decorations and fittings.
Check the future location of heating and air-conditioning equipment, ventilators and hot water heaters. Again, this can affect how much space you’ll have and the attractiveness of your unit.
Ask the developer key questions about construction quality, such as:
Be clear about what is and isn’t included in the purchase price so you can compare overall costs with other condominiums. For example:
Investigate whether there are any “hidden” costs. For example, some developers take out long-term leases on building fixtures, such as furnaces, to save on capital costs. These costs are inevitably passed along to owners.
Check if the unit comes with a new home warranty, which ensures that the building is properly constructed and meets legal regulations. You should know what the warranty covers and for how long. Coverage on major components can run for as long as five to seven years after a building is completed. For more information on new home warranties, see CMHC’s online guide Homebuying Step by Step.
Evaluate the current state of the construction project. Is it likely that the project will be completed by the date set out in the purchase agreement from the developer? It’s important to assess this before making your moving and financing arrangements. There can be an unexpectedly lengthy wait before a new condominium project is completed and you can move in.
Request a “disclosure statement” from the developer in those jurisdictions where legislation stipulates a developer must provide you with one before the sale agreement is binding. A disclosure statement will give you some indication of the rules, regulations and financial situation of the condominium corporation before you buy and includes, among other things:
Consult with your lawyer before signing any documents.
The Macchiusi Sales Team - Weiss Realty Ltd. Real Estate Brokerage (2022)
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