Things to Consider When Purchasing a Pre-Construction Condo
Buying a pre-construction condominium can be an exciting and rewarding experience, but it's important to do your due diligence to ensure that you're making a smart investment. There are several factors to consider when purchasing a pre-construction condo, including the location, the developer, the floor plan, and the amenities.
LOCATION:
Consider the neighbourhood where the condo is located, as this can have a big impact on the condo's value and your quality of life.
Look for condos that are located in desirable areas with good access to public transportation, shopping, and entertainment.
Research the area's crime rates, schools, and other factors that may affect your decision.
DEVELOPER:
Research the developer's reputation and track record, as this can give you an idea of the quality of the building and the developer's ability to deliver on their promises.
Look for developers who have experience building similar projects and who have a good reputation in the industry.
Check for any red flags such as lawsuits, bankruptcies, or complaints from previous buyers.
FLOOR PLAN:
Consider the layout and size of the condo, as this can affect your comfort and resale value.
Look for condos with efficient layouts that maximize space and natural light.
Consider the number of bedrooms and bathrooms, as well as the size of the living area and kitchen.
Consider the size of your current furniture or the furniture you would to purchase. Will your king size bed fit in the bedroom with two nightstands? if not, are you comfortable with downsizing your bed or removing a night stand?
AMENITIES:
Look for condos with desirable amenities such as a gym, pool, or rooftop terrace.
Consider the quality of the amenities and whether they are worth the extra cost.
Look for condos with amenities that are in line with your lifestyle and interests.
FINISHES & UPGRADES:
Most pre construction condos allow potential home owners to choose the materials and finish of the space from flooring to kitchen countertops. They may also allow ‘upgrades’ to more premium materials, fixtures and finishes. Here are some things to consider:
Builders charge a large markup for upgrades meaning they are making a profit from the convince of allowing you to have these “nicer’ materials installed for when you move in. the downside is you have to choose from the options they have available and they can be expensive.
Only upgrade or make changes to things that are difficult or a hassle to change later on. Ex, adding as shampoo niche in your shower, adding ceiling lights in places were the ceilings are concrete (Bedroom, living room).
I would avoid upgrading light fixtures as there are more beautiful and inexpensive options to choose from. they can easily be installed after closing.
Some people opt for the very basic materials and finishes or the bare minimum in order to do renovations and upgrades as soon as they take possession. its worth noting that some builders may reduce the purchase price of your condo if you request to leave it it as an empty shell (No finishes, material or cabinetry). This will allow you to work with a designer to create the perfect space without wasting new materials or shelling our a huge amount of money to make the space your own.
Purchasing a pre-construction condominium can be a great investment, but it's important to do your research to ensure that you're making a smart decision. By considering the location, developer, floor plan, and amenities, you can choose a condo that meets your needs and provides a good return on investment. Whether you're a first-time buyer or an experienced investor, taking the time to research and compare your options can help you find the perfect pre-construction condo for you.