11 Tips for Buying a New Condo Development in Mississauga
When purchasing a brand new condo, also known as a pre-construction condo, there are a few things to look out for while deciding on the perfect unit.
1. Location – Once you buy any property, you may change many aspects of that property. However, one aspect that you can never change is its location. A condo such as the Absolute Towers at Burnhamthorpe and Hurontario, will be a lot more active and busy, than the Miracle at the west end of Mississauga. Do not be fooled by condo pictures as they are mere artist impressions. It is a good idea to take a look at the neighbourhood and see what is out there.
Therefore, the number one priority when purchasing a new condo in Mississauga is to decide on the lifestyle that you want, and to keep in mind the surrounding area.
2. The floor plan – Memorize your floor plan and take a look at already constructed market comparables. Over the years, condo suites got smaller, yet the price per square foot increased rapidly. In turn, condo developers started to play around with different aspects of floor planning, such as shrinking the size of the furniture on the picture layout. Therefore, what appears to be a queen size bed in the picture, is only a double size bed in reality. Also, a 600 square foot condo may look a sufficient size on paper; however, when built and ready to move into, some might find the space too small for their needs.
3. Pay attention to ceiling height – When buying a new Mississauga condo, know the difference between 8, 9 and 10 foot ceilings.
4. Upgrades – The condo sales center often includes certain free upgrades when buying a brand new condominium. As the condo gears towards completion, the sales center contacts the buyer directly and asks which extra (paid) upgrades do they want to have. Educate yourself about the prices for hardwood installed kitchen appliances and other popular upgrade choices. Finally, make sure to have all these upgrades given to you in writing (usually included on a “schedule Z`).
5. Is the condo builder reputable? Research what others have to say about the builder online.
6. Plan head – Just because the condo specifies a certain completion date, it doesn`t necessarily mean that it will be ready by then. Most condo projects in Mississauga are delayed by about 6 months. Plan ahead and know what you will do if your condo is not ready by the promised date.
7. Try to get In early – Prices tend to increase after grand opening sales events. The earlier you get to the sales events the better the prices and selections.
8. Get your contract reviewed by a lawyer – When you buy a brand new condo in Mississauga, you legally have 10 days to cancel your contract without penalty. This is known as the cooling period. During this period it is highly recommended that the condo purchase of sale agreement is reviewed by a qualified legal professional. The lawyer may be able to cap certain development costs, which might be added later to the final closing costs.
9. Closing costs and assignment rules – It may be argued that these two points are the most overlooked ones on this list, and they would end up costing you thousands of dollars. It may be difficult to put a figure on closing costs as they typically range anywhere between $5k to $20k and more. Assignment rules refers to whether or not the condo could be sold by assignment (also known as sold by contract) to another person before it is completed and registered with the Land Registry.
10. Ask a lot of questions – One of the advantages of working with a realtor, who knows about pre-constructions condos, is that you may ask a lot of questions and have someone qualified answer them.
11. VIP agent perks – This is the most important tip here – Never buy a new condo without a real estate agent. Here are the reasons why.
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