Muhammad Hussain - Real Estate Broker

MUHAMMAD
HUSSAIN

 M.COM, PFP REAL ESTATE BROKER
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Office: 416-203-6636 | Direct: 416-318-5264 BUYING, SELLING & ADVISOR OF NEW CONSTRUCTION CONDOS & HOUSES
Muhammad Hussain - Real Estate Broker

Should I Buy a New Condo?

Newly constructed condominiums can be an attractive option for the prospective owner

They offer all of the benefits of a newly constructed building (fresh appearance, modern fittings, surfaces, elevators, appliances) while providing unit owners with the chance to customize their units. You can purchase a new condominium from the developer either before or during its construction and well before the condominium corporation is formed. A developer may have some unsold units available after the condominium has been completed and registered. In some market conditions, a developer may wait to sell a majority (or all) of the units before registering the condominium corporation or starting construction. Deposits are typically required to secure, or reserve, a condominium unit in a new development.

When looking over the drawings and specifications, ensure that you are aware of the basis of any floor area measurements: do they reflect the actual floor area of the unit or do they include the exterior and interior wall floor space areas as well? You should also be aware of plans to reduce the ceiling height in any locations in the unit to accommodate ductwork and other mechanical and electrical services. This can have an impact on the esthetics of the unit and affect the eventual location of lighting fixtures and furniture as well as wall decorations and fittings. Similarly, be aware of the future location of heating and air-conditioning equipment, ventilators and hot water heaters as this can affect the availability and esthetics of the space in your unit.

Other important issues to consider in the purchase of a new condominium are related to construction quality. Some key questions to consider include: Are there any special provisions to limit noise between units? How are the units heated, cooled and ventilated? How are odours controlled? Is the building energy-efficient? Who operates and maintains the heating and air-conditioning systems? What options are available for suite wall and floor finishes, cabinets and fixtures?

You should also be aware that the view from your unit might be subject to change if the building is being constructed in a newly developed area or as a part of a larger complex. Be sure to ask about the future construction plans for adjacent open areas as your view may change significantly with the construction of a neighbouring high-rise. When shopping around for a new condominium, it is important to ensure that you are aware of what is and what is not included in the purchase price. For instance, are there amenities such as pools and parking?

How is access to such amenities paid for? Are finishes within the units included in the purchase price? Are there other charges over and above the purchase price you should be aware of? Are utilities (gas, electricity and water charges) covered in the monthly condominium fees or not? All such questions must be considered to ensure that you can compare the overall costs associated with different condominiums.

Rules and regulations for new condominiums vary from province to province, therefore it is a good idea to check your provincial legislation. New home warranties are often available for newly constructed condominiums%u2014make yourself knowledgeable about what the warranties cover and for how long. Quite often, there is a lengthy wait before a new condominium project is completed and you can move in. It is always important to evaluate the current state of the construction project. Consider whether or not it seems reasonable that the project will be completed by the date set out in the purchase agreement from the developer before making your moving and financing arrangements.

Agreements of purchase and sale may contain provisions that allow the developer to extend the dates for making the units available for occupancy. This can be problematic if you have made arrangements to vacate your existing housing by a specific date based on the original closing date. If this is an important consideration for you, ensure that you are aware of any occupancy delay clause in your purchase agreement and plan accordingly. You should also check your provincial homeowner protection legislation to learn your rights in cases where agreed upon occupancy dates are missed.

Disadvantages of buying a new condominium

These may include:

  • Because construction may not have started, you cannot see what you are buying and must rely on artist sketches and floor plans (which may change). Be sure to have the unit boundaries, location, finishes, materials, chattels, etc. clearly specified in the purchase agreement
  • Your initial deposit will be tied up for the duration of construction.
  • Financial institutions may not give you a mortgage on an unregistered condominium.
  • Construction of your unit may not be completed by the expected date
  • You may move into your unit while construction continues in others units this can be noisy and disruptive.
  • Occupancy fee you have to pay until registration of the building.

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My Testimonials

“After 5 months of anguish, we were still unsuccessful in selling our condo, despite numerous price reductions. We Called Muhammad Hussain from Remax ,after our meeting with him that we knew we were in good hands. From our first meeting, Within 24 days of listing our loft, Muhammad sold it. The result was amazing! We attracted the highest ever sale price in our neighbourhood"
- Richard Hugh

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Toronto Listings Mississauga Listings Why Muhammad? 45 Harbour Square
Toronto, ON
Phone: 416-203-6636
Fax: 416-203-1908
 

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Toronto Real Estate Board - IDX Last Updated: 9/22/2017 8:34:12 PM