Are you thinking about purchasing a new condo from a developer? It’s a different process compared to buying a resale unit, and it’s important to ask specific questions before signing on the dotted line. We’ve created this handy guide to walk you through the entire process.
Why Buy A New Condo?
It’s common practice in real estate to put condos up for sale before they’re even built. Buyers are typically attracted to these developments because the floor plans are customizable, meaning you’re starting off with a blank slate.
When Will It Be Finished?
Before making an offer, it’s crucial to ask when the construction phase is expected to end. A professional developer should have a clear timeline that details the entire construction schedule and when the buyer can take possession of the unit.
Sometimes the common spaces (such as the lobby, rooftop terrace, entertainment room or gym) may still require a bit of work. We advise to check with the developers before you decide to throw a rooftop party.
If you’re a new to the property market, it’s important to take advantage of Montreal’s Home Ownership Program. Buyers can benefit from either receiving financial assistance or getting a credit for the real estate transfer tax (also known as the welcome tax). For more details, check out the City of Montreal’s website.
Certain neighbourhoods such as Griffintown and the Mile-Ex area are experiencing a construction boom. The skyline is dotted with cranes as new developments are springing up on every street corner. Wherever you choose to live, it’s important to select an area that reflects your needs and personality.
Do a bit of online research and visit prospective districts before making an appointment with a sales representative. Make sure there are daycares, schools, and public spaces nearby if you’re thinking about starting a family in the future. Many buyers commute every day to work, so check if there’s a metro or bus stop close to the condo.
Parking and Storage
While we’re on the topic of transportation, find out if the developer is building an underground parking lot. This amenity can save you a lot of time and money in the long run, as you won’t have to warm up your car in the winter or pay those pesky parking tickets. These underground parking spaces are highly sought after though, and can cost anywhere from $30,000 to $80,000. Storage units are also a great addition to condo units and ultimately add value to the property (especially if you own a larger unit).
If you’re on the hunt for a new condo, be sure to check out DevMcGill’s innovative construction projects across the city of Montreal. Purchasing a condo pre-construction or in the development stages has many advantages such as price incentives and customizable living spaces. With numerous developments in the pipeline in several up-and-coming neighbourhoods, seize the opportunity to own the condo of your dreams.
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