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What to Keep in Mind When Buying a Pre-Construction Condo

Buying a condo during the pre-construction phase might seem to be a direct proposition. Future units are purchased from architectural images on the developer sales site. However, in real life, buying units before being built can exercise to be anything except directly. You can buy the top pre-construction condos in Vaughan for your family.

Developers often redesign the layout of the unit when they leave, as a result of the changes needed during construction. In addition, they compiled a purchase contract for their profits. Buyers who are not alert can also be victims of developers who sell units at the initial stage where they still have more than 51 percent of condo projects. 

Buyers are advised to consult a knowledgeable lawyer and enter their own conditions into the purchase contract. By determining the date of completion that has been completed, the buyer can position itself to regain their deposits if the developer meets the completion time. 

Until then, the buyer unit must pay residential fees to the developer, equivalent to monthly maintenance costs plus monthly mortgage payments that anticipate. Such settings will provide after the expiration of certain times, the buyer will be entitled to refunds on deposits and/or their sales.

Another thing to remember is the cost of maintaining a condo. They are guaranteed only for the first year of operation from the owner's time the owner takes control over the complex. Developers often calculate their initial budget on the low end to make the condominium unit more attractive to buyers.