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.