BUYING A NEW CONDO
5 Reasons why you should never visit a New Condo Sales Office without Alex
1) I have no interest in any one development. We can compare developments and advise you on which ones have the most potential suited to your needs & requirements.
2) While unit prices are not typically negotiable, we can advise and help you negotiate on closing costs, upgrades, deposit schedules etc. The Toronto Condo Team has sold 100's of new condos and we bring a lot of business to the developers so they are usually willing to so something for our clients.
3) We can get you to the front of the line! Most successful projects are 50% sold before they even reach the public. Get the most profit in your pocket and call us today !
4) We know the best units to buy and the ones to avoid. Floor plans, views, exposures, builder reputation, future development are all critical in achieving price appreciation whether you will be living in the suite yourself or for investment.
5) Finally, when you visit a new condo project, the Salesperson on site works for the developer - Who is working for you? Best of all our expertise costs you nothing as the developer pays the commission.
OUR 8 STEPS TO BUYING A NEW CONDO
Buying a new condo from plans can be an overwhelming and stressful process. We have worked with 100's of new condo buyers from first time buyers to seasoned investors. Follow our 8 step guide and you will have a much more enjoyable purchase :)
1. MAKE A DECISION THAT YOU ARE READY TO BUY
Knowing you are ready to move forward and begin the process will give you more clarity and confidence that you have made the decision already, now it's a matter of starting the process.
2. KNOW YOUR DOWN PAYMENT & GET QUALIFIED.
Most builders will require at least 15-20% typically over a 6-12 month period of the purchase price. So for a $400,000 unit that would be $60,000 to $80,000. If you do no have this for a down payment or cannot get it from friends/ family or a line of credit you may want to look at resale option instead. Getting qualified for a mortgage is very important even though you will not need it for a few years when you buy a new condo.
3. GET SMART !
Getting acquainted with the new condo market is a time consuming task. There are many factors to consider such as price, location, future developments in the area, builder's reputation, quality of finishes, investment analysis, hidden costs, appreciation value, future rental income and much more..... We can help you by-pass all of that as we know the market as we deal with it on a daily basis.
4. HIRE ALEX
We provide you with expert knowledge, experience and honest advice. Even better news is that our service is FREE - that's right you don't pay us any commission unless you really want to ;)
5. DON'T BE FOOLD BY BUILDERS !
Sales reps who work for the builder are there for the builder's interests - NOT YOURS ! Once you hire us we will guide you through the new condo maze. There are many hidden costs you need to be aware of - we explain this to you in detail. These costs can include:
Land Transfer Tax
Education/ Park Levies
Utility hook up charges
Discharge of developers mortgage
Law Society Fees
Upgrade selection/ choices
Tarion New Home Warranty Fee and more....
6. MAKE YOUR DECISION TO SIGN THE DOTTED LINE...
Once you are done with us you'll feel confident about moving forward with your purchase because of our education process you will know comparable projects and have a good understanding of the process and what to expect.
7. 10 DAY RECISION PERIOD
Now you have an agreement in place we need to have your lawyer review the Agreement of Purchase & Sale and the Condo Documents. Contracts are written by lawyers and can be worded in a confusing manner sometimes. Your lawyer will review the papers to make sure that everything is in order and will bring points they may be concerned about to your attention. Sometimes there are amendments done with this 10 day period also. If for any reason you change your mind you can cancel the deal within 10 days of receiving a signed copy from the builder.
8. CONGRATULATIONS !
You've bought your new condo. Now you play the waiting game to see your building being constructed. Then you'll have your color and upgrade selection about 6-12 months before your move in date. You then have your occupancy period and the final closing when you'll legally own the unit at that time.