Tips for Buying New Condominiums

Below are tips to consider when buying new condominiums:

  • Verify the unit’s floor area and boundaries.  Is your unit factor reasonable?
  • Can you make alterations to yourthe floorplan?  Find out if you can adjust the placement of walls, windows and doors and what the costs would be.
  • Inquire whether the building and/or your unit will be accessible to someone with limited mobility.
  • Find out if there are plans to reduce the ceiling height anywhere in the unit.
  • How will the units will be heated, cooled and ventilated and where int he unit will heating and air-conditioning equipment, ventilators and hot water heaters be located.
  • Ask the developer about noise- and odour-reduction measures, environmental features and options for suite finishes, cabinets and fixtures.
  • Check with the developer and municipality about planned construction in the area.
  • Be clear about what is and isn’t included in the purchase price so you can compare overall costs with other condominiums.
  • Find out if your monthly condo fees are realistic, what they include, and when they’re likely to increase.
  • Investigate whether there are any “hidden” costs, such as long-term leases on building fixtures, which will be passed along to owners.
  • Find out what new home warranty is included and what it covers.
  • Will the project be completed on time?  Assess, as best you can, whether the project will be completed by the date in the purchase agreement before making moving and financing arrangements.
  • Request a “disclosure statement” from the developer in jurisdictions where a developer must provide one before the sale agreement is binding.
  • Find out if your purchase agreement allows the developer to extend the occupancy date and be sure to know your rights if your agreed-upon occupancy date is missed.
  • Consult with your lawyer before signing any documents.