Mistakes to avoid when buying a condo

Condos are the most viable living options for those looking to live luxuriously at affordable costs. Different from apartments with respect to their property management, the condos are ideal if you wish to have several amenities. With several condo buildings coming up in Toronto, choosing the best one should not be difficult. There are certain aspects that you must take care of while renting out or buying a condo.

Trust the Floor Plan

This is usually the first mistake that is committed by the condo buyers. Going by the word of the real estate agent, buyers never actually measure the floor area being sold to them. Real estate agents and brokers often quote the floor area inclusive of the balcony, terrace or any other open space. However, as this space is not actually used, you end up paying more. The best thing to do before buying a condo is to get the area measured and all plan details. This will help you negotiate if there is a substantial difference in what is being advertised and what is being sold.

Not take the advice of a lawyer

Often home buyers avoid taking the help of a lawyer as they have the confidence in the real estate agent or broker. The purchase agreement, which has lots of details in writing are usually not read completely. Once you sign the agreement, you are bound by its terms and conditions and with no legal representation, you cannot do anything it. There are several Liberty Village condos for sale but you must first consult a lawyer and get everything cleared before signing the dotted line.

Accept the Delays without Resisting

When you invest in a new-build condo, you are given a time frame within which you are assured of possession. However, not all builders are able to fulfill their promise and there are inadvertent delays. While a few delays over a couple of months are acceptable, you cannot let the builder get away with long time delays. Condo buyers often do not resist delays and this is wrong on their part as they allow the builder to use their resources. In case of delays, you can ask for reimbursement of the time lag between the promised and actual possession.

Hidden Closing Costs

As a home buyer, you must be able to read between the lines. Accepting the purchase agreement blindly can be suicidal. The closing costs mentioned in the agreement are usually estimates and they escalate by the time you are given the possession of the condo. This results in huge payments by way of hidden closing costs. You need to keep your eyes open for any new developments and inclusions in the building without your consent. There are various lofts for sale Toronto and before buying any of them, you must check out the fee that you have to pay.

To be assured of getting the best condo for your family, you need to buy it at the right time. Taking the help of a real estate specialist will be of great help.

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