Ever felt the excitement of unwrapping a new present? Or taking the wraps off a new package delivery? That feeling of anticipation and excitement is very similar to the feeling of buying a pre-construction condominium, isn’t it? I mean, you might have prior information of the location, floor plan, types of furniture, up to the last detail, but it does not quell the anticipation.
As many as the benefits of buying a pre-construction condominium might be, which includes new appliances, new amenities, new finishes , all at a considerably decent price, such an important decision also comes with some stress factors.
The bulk of paperwork you would have to fill, as well as the numerous steps involved, and the decisions you have to take might want to dampen your enthusiasm but with us helping you through these few steps, you have less to worry about.
Buying Pre-Construction Condos
- Stay up to date with details; register with us: There is so much you have to be abreast about in the world of sales and purchase of pre-construction condos. It might be hard to keep track of, but once you register with us, you have nothing to worry about. We will keep you informed about ongoing sales, upcoming launches, existing projects as well as price, floor plans, specifications, and every bit of detail you might need.
- Work through it: as soon as you’ve made up your mind on what you want, you have to put them together. First off, all you have to decide is what kind of suite fits your personality and your preference, including the amount you’re willing to pay and then you make a worksheet that would be submitted to your agent. This worksheet lets your agent know your preference and what type of condo you are interested in purchasing. Our agents can walk you through everything you need to know about this process.
Note that your worksheet has to be submitted alongside a valid identity card to make your indicated request valid; this should be done as soon as you have made your decision.
- Explore floor plans, Pick and choose: in finding a pre-construction condo that would suit you, you have to do more than browse a few. You need to look through the different available suites as well as floor plans and pick out those that could possibly be in line with your taste, preferences and your finances. You would need an agent to assist you through this process and we just might be able to help you through your search for the perfect floor plan. Bear in mind however that there might be limited supply of floor plans, so you might not get your first choice if you are not quick enough to the mark.
- Signing the Agreement: as soon as you submitted your worksheet, our agents would have been on a search to link you up with the perfect suite. In no time, sometimes in a few days, you would get a call from our sales agent who would update you as to whether or not you have been allocated a suite.
If you have been allocated a suite, it would then be up to you to proceed with your plans to purchase or not. If you choose to proceed to get the suite, note that we would move on to make an appointment at the sales center and move on to sign the agreement of purchase and sales. Our agent will assist you through all you need to do to complete the signing process; all you have to do is make sure you have a valid government identification ready, and your cheque book handy as well.
- You can change your mind: once you decide to purchase a pre-construction condo, you have only ten days to reconsider your decision before it becomes binding on you, it is called the 10 days cooling off period. Legally, you have 10 calendar days to review and rethink your decision to go ahead with the purchase.
If you change your mind and decide to withdraw, you will be able to get your deposit back without questions and with no penalties. It is in your best interest during this cooling off period to get a real estate lawyer to review your contract and reveal anything confusing or questionable.
If after the 10 days cooling off period you decide to move on with the purchase, you would be required to sign a rescission letter; after this, you cannot back out from the agreement.
- Get a Mortgage pre-approval: at this point, you should move on to prepare a mortgage pre-approval letter with your financial institution. Of course, since the building is still in pre-construction phase, you cannot officially get mortgage registration done, but you can pre-register.
- Making the first deposit: now, in the course of signing the agreement, you would have signed a postdated cheque with your first deposit for the condo. After the 10 days cooling off period has elapsed and you are satisfied with the contract, the first deposit cheque will get processed and cashed on the 11th day. Your first payment has been made.
- Join in building your own home: in the course of the construction, you would have opportunities to work with the interior decorator of the suite and choose some interior decoration such as colors for your home.
- You occupy!: you have come into the final stage of your acquisition process. At this point, you would proceed to your two stages of occupancy; interim occupancy and final occupancy stage. At the interim occupancy stage, you would have to settle any outstanding payments you have; both deposit and occupancy fee. During the interim occupancy period, you can move into the unit, however, you do not yet own the condo. You simply pay the builder an amount roughly equal to your mortgage payment plus condo fees and taxes.
Note that your final payment will not occur until the final registration date. Shortly before the final date, you would have to contact your lawyer who would guide you to sign all the documents to transfer the ownership of the suite to you.
- Get a tenant: Generate cash for yourself: got your condo? Good, now lease it out and generate positive cash flow. You can work on your rent to make sure it covers your maintenance fees and mortgage. When you have your tenant paying your mortgage, the value of your unit is appreciating. In the long run, your equity grows.
Even in this process, we are here to help you. We can help you find a tenant to lease your condo unit and take care of every detail that needs to be covered.
With us, all these stages will be easy and smooth for you. So waste no time, register with us and begin this beautiful journey.
Want to view VIP pre-construction opportunities right now?
Check out our sister site for our selection of pre-construction condos in Toronto.