Episode #51 - What should I know when buying a pre-construction condo?
When you purchase a pre-construction condo is the plan to live there or is the plan to use it as an investment?
With both options there are different items to keep top of mind.
For purchasing a condo for personal use, there is a ten-day period that you are able to have the builder purchase agreement reviewed by a lawyer. Builder deals have additional adjustments line Tarion, utility adjustments and possible development caps and levies. It is important to have the agreement looked over by a lawyer so you understand the extras you may be paying for and to possibly get those adjustments capped.
For purchasing a condo for investment, are you going to be renting out the condo or flipping it? With renting, you are unable to rent it out during the Occupancy Period. Something that should also be considered in the HST rebate that needs to be paid on closing. Carson Law can help you get this HST rebate back. For an investment flip, HST will cost you extra on closing without the opportunity to receive it back like in a rental situation.