Buy a condo off plan, is it a risky choice?
Are you thinking of acquiring a new off-plan condo and wondering what are the potential risks of such a decision? Would you like to know more about what to consider before signing?
If the purchase of a condo that is not yet built and that only exists on plan offers many benefits, it also includes some risks that can easily be ruled out if all the necessary measures are taken. Check out our tips for a successful off plan condo purchase.
But first, let’s review together the main benefits of a condo purchase on plan:
Many people choose this option because it offers a lot of flexibility and freedom to the buyer. Indeed, it allows him to choose from many models of condo but also to make some changes to customize the space (eg choice of materials, lighting, etc.).
Here are some things you should not miss if you want to make a good purchase.
Anticipate delays and modifications
Delays in delivery are very common in the world of construction. It is important to talk to your sales manager to keep you informed of real-time deadlines.
Also, be aware that it is possible that the initial plan does not correspond exactly to the final plan. Indeed, it happens that certain elements are included at the beginning but that the engineer decrees that their realization is not possible.
Pay attention to gross and net area
When buying a condo off plan, the area in the contract is often greater than the area that can be expected. This is due to the fact that these measurements come from the architect and include the measurements of elements external to the habitable surface (ex: columns, bearing walls).
As a result, the living area may therefore be less than that stated in the contract. Thus, it is often possible to observe a difference of 8 to 12% between the gross area and the net area. If the difference exceeds 15%, we can request a reduction in the price of the condo. To avoid this type of surprise, it is best to visit the sample condo to get a good idea of the area you will have.
Make sure the contract is complete
It is very important to ensure that the contract contains all the elements deemed “essential” such as the presence of an elevator, a swimming pool, a roof terrace, the quality of the soundproofing and insulation and finishing materials.
It must also be ensured that all inclusions granted, ie the choice of materials, lighting, etc., are added to the contract. Thus, it is important to make sure that anything that you consider important is clearly written into the contract.
Learn about the promoter
To avoid unpleasant surprises, it is important to know the promoter to whom you are calling. So, find out about his experience and the projects he has already done. Also inquire about any possible lawsuits or complaints that may have been made. You can also ask them for references.
Also pay attention to the documents he gives you. Are they clear? Is it easy to get information? If you know other people who have dealt with this promoter, it may also be relevant to ask them questions about their experience. Also ask for advice from professionals such as architects, real estate agents or bankers outside the project.
Bring in an inspector
When you first visit the condo, bring in a building inspector. This professional will be able to quickly detect potential anomalies and defects in construction by examining each detail.
You will be able to report it immediately to the proponent to ensure that steps are taken to resolve the situation quickly. An effective way to avoid unpleasant surprises in the future.
Inspect the surroundings
If your future condo will be in an area under construction, pay attention to nearby structures. Indeed, if you think you enjoy a breathtaking view, make sure that no building that can hide your view is under construction. Also find nearby services.
If you want to enjoy a complete calm, also evaluate the comings and goings around and the buildings nearby. In particular, you can check with the city which projects are planned nearby.
Need more information?
You are still somewhat hesitant about the purchase of condo off plan and you would like to know more? Do not hesitate to contact us at: (450) 231-2825!
At Métrocité, we are committed to being 100% transparent with our customers in order to avoid unpleasant surprises and to have a clientele fully satisfied with their purchase. That’s why we make sure to give you complete and well-written contracts, with all the information you may need.
Metrocité experts will be happy to answer your questions and give you the best advice to make the most appropriate choice for your needs.
