What Should You Look for When Buying Pre-Construction Condo

Before purchasing a pre-construction condo, it's important to consider several key factors. Conducting due diligence can help in making an informed decision and avoiding any possible problems in the future. Below are some steps you can take to do your due diligence before purchasing a  pre-construction condo:

1. Research the Developer: Check the reputation and track record of the developer. Look for reviews, news articles, and other information about the developer's past projects, financial stability, and reputation in the industry.
2. Check the Location: Investigate the neighborhood and location of the project. Look for amenities such as grocery stores, restaurants, public transportation, hospitals, schools, parks, shopping malls and highways. 
3. Review the Floor Plans and Finishes: Study the floor plans and finishes of the units. Look for details such as the size of the unit, the layout, and the quality of the finishes.
4. Look into the Building Features and amenities: Investigate the features and amenities that the building will offer, such as security systems, parking, storage, fitness facilities, and shared spaces.
5. Review the Contract: Read the contract carefully and make sure you understand all the terms and conditions. Consider hiring a lawyer or real estate agent to review the contract with you.
6. Investigate the Timeline: Inquire about the estimated completion date and potential delays, and find out what the developer's policies are for managing delays or cancellations.
7. Market Value: Compare the price of the pre-construction condo with the prices of similar properties in the area. Make sure to factor in the unit's location, size, and amenities.
8.  Deposit Structure: Make sure you understand the deposit structure and the timeline for payments. It can span over several months or even years. Consider the deposit structure when evaluating the price of the condo.
9. Check for Warranties: In Ontario all Newly constructed homes/ condo come with a warranty provided by the builder and are enrolled with Tarion. Tarion's primary responsibility is to ensure that new home buyers receive the coverage they are entitled to under their builder's warranty also Tarion covers deposit protection and coverage for delays in closing or occupancy. It's important to ensure that builders are registered with Tarion. 
10.  Right to Lease during Occupancy: If you're purchasing for investment purposes, it's crucial that the developer has a policy in place allowing for the right to lease during the interim occupancy period.
11. Right to Assignment Sale: If developer grants consent for assignment sales, it is important that carefully examining the contract terms to confirm that developer clearly permit the assignment sale.
12. Consult with a real estate professional: Consider consulting with a real estate professional who has experience with pre-construction condos. They can provide valuable insights and help you navigate the process.

In conclusion, conducting extensive research on a pre-construction project required the careful attention to detail and a thorough investigation of the developer, location, condo unit features, building amenities, contract terms, timeline, interim occupancy and warranties. Taking the time to do your due diligence can help you make wise investment decisions.