Buying a new condo in Mississauga from builder
What are the pros of buying a new condo in Mississauga?
Buying a new condo in Mississauga can be a good option. Normally, you may have to wait a couple of years before moving into your new condo in Mississauga. Buying a new condo in Mississauga from a builder offers new home warranties (transferable), fresh appearance, greener/energy efficient appliances, modern fittings, latest amenities, high speed elevators etc. while providing new condo buyers to choose their finishes and upgrades.
As a first time buyer or an investor you can buy a new condo in Mississauga from the builder either at pre-construction stage, or during its construction, and well before the condo corporation is formed. Sometimes developers may have some sold units also available after the condo has been completed and registered. There can also be opportunities to buy an assignment of purchase and sale agreement. A Real Estate professional; especially someone working in condo market, can play an important role in helping you buy a new builder condo in Mississauga at pre-construction prices. They can also help you comparison-shop different builder inventory, at no cost to you when buying new condos Mississauga.
What are the cons of buying a new condo from builder?
You cannot “see” what you are buying and you must rely on artist sketches and floor plans; your initial deposit will be tied up for the duration of construction; your financial position may change at the time of occupancy, that can affect closing the sale; construction of your unit may not be completed by the expected date; you may move into your unit while construction continues in other units-this can be noisy and disruptive; you may not be allowed to flip or lease your condo during the interim occupancy period and your condo may loose its value if the real estate markets plummet. You won’t know beforehand the demography of building until you move into your condo. Other buyer beware facts about buying builder new condos.
New condos closing costs
Builder closing expenses can include-utilities meter charges, government levies, TARION warranty fees, parks and municipal charges, PST on appliances, builder’s construction financing discharge fees, legal fees, education or transit development charges, proportion of development charges paid by the builder to the city. These costs do not apply if you plan buying a resale condo in Mississauga or elsewhere in the GTA.
Due diligence is key when buying a new condo in Mississauga from a builder
When buying a new condo in Mississauga, developers typically provide the purchaser with a disclosure statement. However, if a purchaser reads the document, he or she may not understand the clauses or the implications. These documents must be reviewed by lawyers. Failure to spend a few hundred dollars on lawyers could result in having to shell out thousands to the developer at a later date. The point is that you should know exactly what you are walking into and make an informed decision, when purchasing a new condo or a pre-construction condo from a builder in Mississauga.
Gain more when buying a new condo in Mississauga
As your Condo Focused Realtor Team, we work for YOU and not the builder. When you buy your new condo with us you receive a turnkey solution, right from project selection, to suite selection, to help with choosing upgrades, tips on pre-delivery inspection.
As our clients, YOU will receive better terms, the first pick at builder suites and many builder incentives.
Upon completion we help YOU with leasing your suite, tenant selection, property management, assignment sales etc.
We put YOU in touch with real estate lawyers who specialize in builder condominiums. The lawyer goes through the builder documentation, disclosure statement, HST rebate, and agreement of purchase and sale to ensure that your interest is protected.
We will negotiate additional terms and conditions; if necessary, with the builder based on lawyer’s recommendations to protect your interest. For example, the lawyer may point out out of ordinary expenses and we will ask the builder to cap some of those costs if not already capped.