A pre construction condo is ais actually a unit which has been available from a builder, yet has not been actually built yet. This process has shown to be an outstanding investment with the concept that you will be investing in a property for tomorrow at today’s price. This practice is a win-win situation for buyer and builder alike.
The basic principles from the process can only be referred to as ingenious! Although there are some variations in how each transaction is handled, the fundamental idea continues to be the same. There are several steps involved, however when followed with a keen eye, the purchaser and builder should expect simply success. The first step is to come to a reservation agreement so the unit is reserved and a down payment is arranged. Normally the builder can reserve the legal right to alter the price inside the contract with all the buyer having the authority to cancel the agreement and receive full refund.
The pre construction condo process also includes what is known as condominium document that must be approved for construction by the state wherein the condo will be built. Once the documents are received, the buyer has a specific period of time in order to decide on proceeding or requesting to withdraw from the contract before it will become a binding contract. This is called right of rescission.
When the buyer chooses to proceed, they may be then necessary to submit the total amount from the agreed upon downpayment. Then this binding contract is signed where the buyer agrees to get the completed condominium. The last stage occurs when the Pre-construction condos for sale Toronto is nearing completion at which time the builder will give you a Certificate of Occupancy. This will make it the duty in the buyer to pay for the balance in the purchase price and sign any final documents.
Corner units typically have twice the volume of natural light which an extremely attractive feature for future buyers but beware of oddly shaped corner units. One aspect that is certainly often overlooked in choosing your unit is the actual location of the unit inside the floor plan. A unit within close proximity to the elevators can prove to be very frustrating as noise levels tend to be high. This brings me to my next little piece of advice. Stay away from the garbage shoot! Many purchasers have already been disappointed to understand that when they may have moved within their condo they may be constantly bothered by the sound of the garbage falling on the shoot. This eccnid shown to be a bigger problem for residents on lower floors specially when the garbage shoot runs behind their laundry room, that they typically do.
Always ask your sales representative to show you the device location in the entire floor plan. When selecting your floor plan don’t forget to think about the closet and storage space. Builders today are building taller condos however actual unit sq footage is to get smaller. With smaller square footage, large closets and storage spaces prove useful, particularly when owning a locker is not an option.
Being able to make good use of your space is extremely important in choosing your floor plan. This leads me to my next tip on picking a functional layout. Although pie shaped units or units with sharp angled walls have a dramatic architectural effect, they are extremely difficult to furnish and create a lot of wasted space. Evenly shaped rooms, including squares or rectangles usually do not present this problem because they make furniture placement easier and makes the space more useable. Take into consideration all these tips when purchasing a pre-construction condo. The good thing about purchasing pre-construction is that you could choose the floor plan you prefer so just why not choose smart?