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:

http://www.thestar.com/business/personal_finance/2013/10/14/5_key_things_to_ask_when_buying_a_new_home.html#

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)?

 

 

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