Photo: credit to the owner

Are you looking for information on pre-construction condos and want to know how the process works?

I am about to share all of this with you.

When you are looking to buy a new condo and come across a new builder condo project, you need to do some research on those projects.

What to look for?

Background Check: One of the most important things to look for is the builder’s track record on how long they have been in this business, have they completed all their past projects, what kind of materials and the quality they are using in their projects.
Doing some background checks if the builder’s history I an important first step and this will save you a lot of grief later on when the time comes to purchase your new build condo.
If you are working with a VIP or a platinum agent who you can trust, this process will become much much easier since your agent will have more detailed knowledge about the builder and the project.
It pays to have a VIP or platinum agent to represent your interest.
These agents have a strong track record with the builders and have advanced knowledge of the condo projects and also has priority access to these projects much before they are open to other agents and the general public. A VIP or a platinum agent can work out better deals for you.

I will explain more about the VIP and platinum agents in one of the upcoming blogs.



Incentives Offered: Once the project is launched, typically you will receive a complete package on the launch date. This includes brochure floor plans, pricing, and any incentives the builder is offering on the launch date.
Look out for some of the good incentives the builders can offer.  Sometimes they will provide you free parking or discounted parking and lockers.  Sometimes they can also give you stainless steel appliances and also the trend now is limiting development charges. This is also known as capping development levies. Take advantage of the incentives when the condo project is launched.

Submitting Suite Choices: Some builders will start signing the projects as soon as they are launched and some will require your information to be submitted on a worksheet with the choice of units you want and normally, they would ask 2 or 3 choices. Once you submit the worksheet which is first come first serve basis, the builder will then call up your agent and will let them know what units are allocated for you and you will be called during the sale date come and write the agreement of purchase and sale.
On that day you’re needed to bring your ID and checkbook. Then when you are also filing up the worksheet, you need to decide which units you want to fill up. It depends on many choices.  If you have a family and you want a bigger unit, whether you want a 1-bedroom or 2-bedroom unit. Also, if you are an investor which unit will give you more returns when you want to rent it out. These are some of the things you need to consider when you are filling out the worksheet.

Building Amenities: Another consideration is also the amenities which the builder is providing. Many of the new condo buildings come with a gym, party room, kids play area and outdoor lounge are workstations. Usually, townhomes will come with the community park and play area.