A pre construction condo is ais actually a unit which has been offered by a builder, yet has not been actually built yet. This procedure has proved to be a great investment with the concept that you are buying a property for tomorrow at today’s price. This practice is actually a win-win situation for buyer and builder alike.
The basic principles from the process could only be identified as ingenious! Although there are a few variations in how each transaction is handled, the basic idea continues to be the same. There are several steps involved, but when followed with a keen eye, the buyer and builder should expect simply success. The first step is to come to a reservation agreement so that the unit is reserved and an advance payment is arranged. Normally the builder can reserve the legal right to modify the price within the contract with all the buyer having the right to cancel the agreement and receive full refund.
The pre construction condo process comes with what is named a condominium document that really must be approved for construction by the state wherein the condo will be built. Once the documents are received, the buyer features a specific time frame in order to decide on proceeding or requesting to withdraw from your contract before it will become a binding contract. This is called right of rescission.
Once the buyer chooses to proceed, these are then needed to submit the total amount in the arranged deposit. Then the binding contract is signed where buyer agrees to buy the completed condominium. The final stage happens when the Condos Toronto is nearing completion in which time the builder will provide a Certificate of Occupancy. It is then the obligation in the buyer to cover the balance in the purchase price and sign any final documents.
Corner units normally have twice the amount of sun light which an incredibly attractive feature for future buyers but avoid oddly shaped corner units. One aspect which is often overlooked when selecting your unit is definitely the actual location of the unit within the floor plan. A unit within close proximity towards the elevators can be very frustrating as noise levels are generally high. This brings me to my next little piece of advice. Avoid the garbage shoot! Many purchasers have already been disappointed to find out that when they may have moved to their condo these are constantly bothered by the noise of the garbage falling on the shoot. This eccnid shown to be a more substantial problem for residents on lower floors specially when the garbage shoot runs behind their laundry room, which they typically do.
Always ask the sales representative to tell you the device location in the entire floor plan. When choosing your floor plan don’t forget to consider the closet and storage space. Builders today are building taller condos however actual unit sq footage is becoming smaller. With smaller sq footage, large closets and storage spaces come in handy, particularly when owning a locker is not an alternative.
Being able to make good utilization of your space is very important when choosing your floor plan. This leads me to my next tip on selecting a functional layout. Even though pie shaped units or units with sharp angled walls use a dramatic architectural effect, they are very difficult to furnish and make a large amount of wasted space. Evenly shaped rooms, like squares or rectangles usually do not present this challenge because they make furniture placement much easier and makes the space more useable. Take into consideration the above mentioned tips when buying a pre-construction condo. The advantage of purchasing pre-construction is you can pick the floor plan you prefer so why not choose smart?