Frequently Asked Questions

A pre-construction condo is a residential unit that is purchased before it is built. Buyers invest in the condo based on floor plans, architectural renderings, and other project details provided by the developer.

There are several advantages to buying a pre-construction condo. Firstly, you have the opportunity to choose from a wider range of available units and floor plans. Secondly, you may benefit from early pricing and incentives offered by the developer. Additionally, you can potentially enjoy appreciation in the value of the property by the time it is completed.

The deposit amount varies depending on the developer and the project. Typically, developers require a deposit ranging from 5% to 25% of the purchase price. The deposit is paid in installments over the construction period.

In many cases, developers offer customization options for pre-construction condos. This may include selecting finishes, materials, and color schemes. However, the extent of customization can vary depending on the developer’s policies and the construction stage.

Yes, it’s possible to sell your pre-construction condo before it’s completed. This is known as an assignment sale. However, the developer’s consent may be required, and there may be restrictions or fees associated with the assignment process. It’s advisable to consult with a real estate professional to understand the specific terms and conditions.

Yes, there may be additional costs involved. These can include closing costs, such as land transfer taxes, legal fees, and development levies. It’s important to budget for these expenses when considering the overall cost of buying a pre-construction condo.

In many jurisdictions, developers are required to provide warranties for pre-construction condos. These warranties typically cover defects in workmanship and materials. It’s essential to review the warranty details provided by the developer to understand your rights and protections as a buyer.

While it’s true that builders have their own representatives, it’s essential to have your own agent when buying a new construction home. The builder’s representative is focused on the builder’s best interests, not yours. By having your own agent, you’ll have someone in your corner whose primary obligation is to serve your needs. An agent experienced with new construction can provide valuable information about builders in your area, their reputations, and the quality of their craftsmanship. They can also guide you through the new home purchase agreement, offer advice on contingencies, clauses, and other details specific to the new construction contract. Hiring an agent ensures you have an advocate who can help protect your interests throughout the buying process.