
The Toronto Star came out with a helpful article that identifies some important questions to ask if you are giving thought to purchasing a new home through a builder, be it a freehold home, a townhouse or a new condo:
1) What is the builder’s reputation?
2) Is the developer purchase contract unfair to buyers?
3) What extra charges will a buyer have to pay?
4) What upgrades does a buyer need?
5) Can a buyer transfer the agreement (aka: “assign”) before closing?
Here is the article in full – it’s worth a read:
Some additional questions to consider:
6) What is covered and what is excluded in the Tarion new home warranty?
7) If it’s a condo project, and if purchasing it as an investment in particular, how does it compare to other projects in the area and how will it likely perform over the short/medium/long term?
8) What will be the total cost of ownership once the project is completed, and if a condo, the building registered (ie/ estimate of monthly maintenance fees etc)?
About the Author
Myles Slocombe
Toronto-based real estate professional who creates and curates relevant online real estate content to help busy people stay informed.
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