If you are thinking of buying a new condo, there are many things to consider.
Here are some helpful tips:
- 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 condo 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.
In general, shorter interim occupancy periods are better for condo buyers, because you can avoid paying interim occupancy fees. When evaluating potential condos to purchase, you should consider whether a builder has had lengthy interim occupancy periods for other projects. Once the interim occupancy period ends and ownership of the unit is transferred, you may be owed money if your declarant collected more money for property tax than the actual property tax amount. Alternatively, you may owe your builder money if they collected less property tax than the actual amount that was charged by the municipality.