Tips for Purchasing a Pre-construction Condo in Toronto

House rates and the real estate market in the Greater Toronto Region have been increasing steadily from the past few years and condo rates especially in Toronto, also have been gradually increased. Hence, there is no doubt that international investors are interested in purchasing condos in Toronto. Recently, a survey shows that 10 percent, 1 in 10 condos, constructed in Toronto during 2016 and 2017 are owned by non-Canadian residents in actual.

When it is about buying pre-construction condos Toronto, there are some advantages you can enjoy during its pre-construction phase. The merits range from saving money to perfectly seeing a huge return on your investment during the time of selling your condo. It also includes the possibilities of modification, the comfort of having a new house and much more. Getting ready to buypre-construction condos Torontocan be great enough, especially if you have likeness towards working with a blank slate. But before that, there are some things which should be taken into account:

Look forward to waiting – Most of the projects take a long time than expected. Sometimes you have to wait for 2 or 3 years between the date of signing your purchase agreement and the date you move in. If you encounter more delays, then you could wait even for long.

Know your rights – Constructors can stretch out the occupancy date and all they want to give you is some notice. If the builders don’t offer you notice, then you may be authorized for compensation. So it is recommended to know about your rights before buying Tridel Etobicoke condos for sale.

Be ready for other expenses – Sometimes, you need to pay HST on closing and then put in an application for a rebate. There is a cap for 450 K dollars for each of provincial or federal portion. If you are purchasing an assignment sale, only the paper from an investor, there is a possibility to hit the road for HST due to the original buyer’s tax situation. You should hire the experts, assignment deals and pre-construction deals can be difficult, lots of expenses to consider like education levies. Occasionally, you can cap them and your lawyer will be able to suggest to you.

 Work with an ideal lawyer – Every buyer must work with a highly experienced lawyer. They will help you to easily understand the purchase agreement which may be tough to understand. In addition to that, as a purchaser, you get a ten days period where you can change your decision and make your lawyer work out changes to the offer.Apprehend the floor plan – A lot of floor plans are made out to interior walls, not exterior walls, thus there is a chance of losing space after the installation of drywall. Agreements are very well-written. Many include sections which indicate the builder can make alterations up to a certain point. Therefore, if you are purchasing a unit in a condo, there may be a little different look after you move in.