Take this from someone who has spent more than his fair share of time evaluating and comparing the many new condo developments sprouting up all over GTA.
From a price perspective, at any given time, one particular site in a given area will stand out from the rest, a few will be needlessly over-priced, and the rest will find themselves bunched in the middle. The one that yields more bang for your buck is going through the final sell-offs of their current phase, enabling their standout pricing, and is the one you want to consider first if the building suits your needs. The key is finding that site.
Your needs must be in order before your search even begins. Location, budget, necessary amenities should all be determined beforehand. Why waste your time and mental energy on a site that will not suit your primary needs? Once you know what you’re looking for, the Internet is a good place to start searching for the builder that can provide the best value. Alternatively, you can hire a realtor to help you with your search. A well experienced realtor in the condominium market can help eliminate much of the headwork and provide you with the answers you want, or help you find that unique site.
Before you start crunching commission numbers, ask your friends to recommend a good realtor. Even some of the top agents will not charge a commission to the buyer, being satisfied with the commission from the builder, when the buyer is the referral of a previous client.
When considering your needs and conducting your research, remember that posted prices are for the lowest floors available. Normally prices increase $500-$1000 per floor. Sometimes, the price can jump $10,000 from one specific floor to the next due to, for example, a view that is no longer restricted by an adjacent, shorter building. Suite upgrades, appliance quality, condominium amenities, should be noted when comparing sites so that when you’re going over your research, the stud among the duds becomes evident. You’ll find in most cases the amenities, suite upgrades and other perks even out, a product of today’s highly competitive condo market.
There are three questions you want to ask, and in this order, when you first enter a site. First, what suites are available in the “X” square footage range? If there is nothing in the size you want, ask if a future phase will be released, and when.
Second, determine the anticipated closing. If the closing does not suit your needs, move on.
Third, determine what floor your desired suite is available on and for how much.
Having a plan that you’re confident in can mean the difference between choosing the right condo or having the condo with the best salespeople, you choose.
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