Buying a New Condo | Buying Tips | First-Time Home Buyer Tips
Questions and other considerations you should look at before buying new constructions condos.
Take a case where you went out and found a new construction project underway and developed some interest in processing some units from the same. Now, before jumping into signing a deal, there are a few things you need to verify. Obviously, you cannot go view the physical units that are in pre-construction and so you should look at the specification of the developer's fore plan and what they are advertising.
One thing you should consider, when you are eyeing at a new drawing, is to verify the actual units total square footage and what is being advertised in terms of the interior and the exterior walls. You need to find the boundaries of what they are advertising and the actual unit interiors and exteriors. Understanding if interior wall space is included in the square footage make mean your liveable space is much smaller then advertised. So that is something that you need to verify from a construction standpoint.
Finding out if you are able to make a few changes to the units, in terms of the placement of walls, windows, doors, and types of doors. If so, what are cost of these changes because depending on what your preferences.
Finding out true heights of the units throughout is very important. As some areas may have lowered ceilings due to ductwork, mechanical components, this going to obviously change the overall aesthetics. Also, when it comes to placements of lights, pictures, decorations, furniture etc, it might present some challenges.
When we talk about the mechanical components, it is a good idea to find out if there will be any mechanical component in the unit and the number of the square footage you will be using for this. This is could be your AC equipment and the water tank inside, obviously, if this is in a small closet, the small square footage could be unusable for you, so it is good to know as this will limit your usable square footage.
Here are the questions that you should ask any developer when you want to purchase the interior of a building, they include:
How noise is being controlled, what are measures being taken to ensure the building meets all the ethical standards?
How are the units being heated, ventilated, and cooled?
Is the building energy efficient and if so, what special equipment are they using and what is the potential cost of running this
How are odours being controlled or eliminated from the building?
The main question that should not be left out is who operates and maintains the air conditioners? So is this your responsibility or the building's responsibility?
In terms of water are there some efficient ways that have been done to the fixtures to ensure they are in constant and efficient operation?
Other Important factors to consider
In terms of options for fixtures, walls, appliances, cabinets you definitely need to understand if their are available options, upgrades and the choices available.
In terms of construction, is there any environment consideration that was taken?
This is sometimes a great and astounding feature for most developers who find it effective in keeping the environment intact from within. As we discuss the environment, you definitely need to know the overall developer’s plan for the surrounding area, is this building one of the many that you have visited? Are there some buildings that are being constructed around you that are at some point higher than your units you intend to buy that could obstruct your view? And if you’re going to buying it and view is your main selling point, then you need to know what is happening right behind and in front you of you. Therefore, understanding the surrounding area and what is going on whether with your main developer or another developer is highly important. Therefore, you should do research on the impact it could have in the next five to ten years.
Moving forward you should be very clear of what you are paying for and what is included in the price, consider the amenities that come alongside the property, these include, pools, gyms, guest rooms etc. What else is included in the building in terms of the parking, are they owned or rented?, Are their storage units available to be purchase? What are the dimensions of the storage lockers?
In terms of utilities, what are your responsibilities on paying for your utilities, you need to know what is included and what is not, is there anything that is expected on top of what you’re likely to pay? So, before signing the agreement get to understand what you’re entitled to pay to avoid straining your budget.
When it comes to condos monthly payment, how realistic are they? What are the chances that they are going to increase in a couple of years? Because after careful study, they are likely to adjust. Therefore, you need to be at a position of meeting the cost of those adjustments. Sometimes the developer could be covered for a specified period, let say one year, so in the second year, there are likely to be adjustments that you should be aware of.
Therefore, the most important things you should not forget is to double check whether the unit comes with a home warranty. This ensures that the property was properly constructed and meets all legal regulations. This warranty could cover major component from 5 to 7 years after the building is completed. Finding out what exactly is covered and for how long is key.
When it comes to the time of completion, it is good to have a clear understanding of what stage the building is currently in and when the building will be completed by. is the completion date that is being advertised realistic?
Using this points as a guide when buying a pre-construction condo is very important. As you can see there are many things you should go through before signing to buy the unit. Ensure that you go through every bit of the deal before putting your signature on anything. And to be more secure you should have the company of your agents, lawyers and other confidants to guide you in doing it. It is good to be sure of what you are purchasing to avoid regrets later.