Looking To Purchase A New Condo In Toronto? A Few Tips To Make Buying Easier
With so many new condo projects under construction in Toronto, it pays to be diligent.
Here are a couple of tips for when you’re looking at brand-new condo developments that you might otherwise not think to consider:
Artist renderings are not perfect
The artist’s interpretation of condominium developments before they’re built are just that – interpretations. Distributed in promotional materials for the building or development, artists may be called upon to sketch out something for prospective buyers to look at. Be aware that the building won’t always look like the drawing in the end, and it’s really what’s on the inside that counts anyway.
Is the builder honest, reputable and personable?
The TARION website (http://www.tarion.com/Services/builder_search.aspx) allows consumers to check up on builders before buying. “Chargeable conciliations”, and these are a warranty dispute where TARION identifies one or more warrantable items and the builder was not denied access and could have repaired the warrantable item(s) before the conciliation. This can give you a broad idea about the builder’s reputation, and you can also look up the J.D. Power and Associates’ New Condominium Builder Customer Satisfaction Study. This study is released on an annual basis. A related tip is when being promised anything by the builder, from a certain parking spot to something extra in your suite, get it in writing in order to make sure the builder doesn’t forget over the years between buying and moving in.
Beware of furnished floor plans
Floor plans drawings will give the buyer an excellent idea of what the suite will look like when completed. On occasion, these floor plans may include sketches of furniture. Buyers should be aware of these furnished floor plans and even ignore the furniture completely, as the furniture used is often much smaller than most furniture is in reality. If you plan on going furniture shopping, don’t hesitate to ask the builder for a paper floor plan with room dimensions included.
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