What Should Know To Buying a Condo Off Plan

Buying off plan gives you the chance to choose your own floor plan from a variety of options. You can choose from a host of features and upgrades, ensuring that when you move into your new condo it is exactly what you wanted, finished to meet your unique specification to provide you with a home that you can be proud of and enjoy for years to come.

One of the first things you will notice when buying any condos off plan is that you will be able to enjoy a discounted price. Once the units are completed, the condo sales price usually increases as a result. Getting in early will help you get the best prices, but at the same time, the earlier you commit to purchase, the more likely you will be to buy completely off plan before the foundation is set.

Another reason you may want to consider condo sales off plan is that you secure ownership of your condo, but you get to enjoy a long settlement, which gives you some much needed breathing room when making such a large investment. Payment is normally only made once the project is completed and transfer takes place, this is just before you move into your new home and start enjoying your future.

Ensure you do your research into the developer, the architect, the builders and the engineers. Ensure that the complex you are looking at is being constructed by the best local construction companies and handled by the best developers, so you can buy with complete confidence.

Location is essential when looking at condo sales off plan. You want to try and choose an area which is considered prestigious, an area where you know you will get a good return on your investment in the future. Remember when looking in good areas, you will pay considerably more for single family home than you will for a condo off plan. Once the condo is completed, it is worth more, which means you have a good investment in a good area that you can enjoy.

There are certain very important factors to note when it comes to the contract that you sign. Read every line in detail, ensure you understand the contract and have your attorney look over it and help you with sections you don’t understand.

The first thing to note in the contract is whether there is a “Cooling Off’ clause. These days all contracts should contain this clause when buying off plan. This clause gives you a set period of time where you can pull out of the contract if you change your mind for any reason. Check the contract thoroughly to ensure you are offered a cooling off period to put your own mind at ease.

Next you want to ensure that the full details of the plans you have chosen are detailed and added to the contract. This way in the event when your unit is completed there is something missing or not as you chose, you can have it rectified. This clause ensures you know what you are paying for and also ensures the contractor completes your particular condo based on your unique specifications.

Read up on the deposit clause, the warranties, inclusions, defects and completion dates.

Tricks Buying Condo On Sale

There are a few tips you may want to take under advisement when looking for a condo for sale so that you know the one you choose is the perfect match for you and your family moving forward, a place where you will feel safe and can enjoy for years to come.

One of the first things you are going to want to take into consideration before you even start looking at a condo for sale is to consider your lifestyle. Are you a small family with young children a handful of pets? Are you a single professional looking for the convenience of a lock up and go or are you a young couple who enjoy spending weekends away at various destinations throughout the country? Your lifestyle will determine if condo living is the right choice for you.

Remember a condo, or condominium, is a unit in a complex. This means that you will have neighbors close by, but you also get the added benefit of a host of facilities and amenities. Some come with swimming pools, others come with laundries and there are those that also include a small fitness center as an added convenience.

With your lifestyle identified and you have decided that a condo for sale is the best choice for you right now, you are going to want to look for an experienced an agent. If you have heard of a new complex being built in your area, then contact the agents handling the complex to see if there are any units still available and make an arrangement to view at your convenience. Try and choose an agent who has experience selling these types of units, someone with a wealth of information that can provide you with the advise and assistance you need to make the right investment decision moving forward.

When you find a condo for sale you feel meets your exact requirements, then you are going to want to start working on your financing options. Speak to the agent you are dealing with to see who they recommend for financing. If you have your own bank you have been using for years and you have a good credit history, it is worthwhile approaching your bank directly to see what finance they can provide to you, so you can pay your deposit and secure your unit without delay.

Identify what is included with the condo. In most instances you find that condominiums come with a host of facilities and amenities. Some will have swimming pools, some will have fitness centers and others will have both. These are conveniences that you may or may not make use of, but they are fantastic selling points when you choose to sell or upgrade one day.

Ensure you identify the Homeowners Association fees you need to pay each month and what these fees include. These fees are charged by the association that oversees the complex. In most instances this will include overall maintenance of the building and public areas, along with refuse removal and more. Each association has different rules and fees, so ensure you have a good understanding of these before making any final decision.

How To Get Financed Enough For Condo You Want

Avoid looking at condominiums you really can’t afford. There is no reason to set yourself up to fall in love with a place and then you can’t get the money for it. You also have to be careful about getting financed but knowing you realistically can’t stick with such a payment month after month. Don’t put yourself in that type of position where foreclosure is possible.

Finding a Lender
Take your time to find a lender with plenty of experience so you can get the condominiums with the best choice for your needs. Ask your friends, family, and people you work with who they have talked to. Chances are you know someone who has purchased a condo I in the last year. You can also evaluate lenders online and set up appointments to talk to them.

Ask them questions about their experience because you want a lender that is easy to work with. They should be friendly and communicate well. They should return calls timely and answer ay questions you may have. They can walk you through the application process. Make sure you fill it out accurately and don’t skip any of the sections. Talk to them if you aren’t sure what to put.

Never lie or omit details when it comes to your application for one of the condominiums. Be honest and let them tell you what documents they need to get the processing done. The verification they request can include tax returns, verification of income, a photo ID, and consent to complete a credit report. Profit and loss reports are required for self-employment.

Evaluate the Loan Offer
Once they get the loan completed, they can share with you what can be offered towards one of the condominiums. This includes the maximum amount of the loan, the interest rate, and what your monthly payment will be if you borrow that amount of money. If you can find a condo you want for less, this means your monthly payment will be lower and that is always good news.

If you don’t understand the offer, ask plenty of questions. Don’t be in a rush to accept the offer until you know what it entails. You are making a long-term commitment when you buy one of the condominiums so don’t leave anything to chance with this part of the process. Once you are happy with the offer, it is time to find your place!

The Market
There are plenty of people interested in buying condos in this area. You are going to have more buying power though if you are already approved for the money. This means a great deal in the eyes of the seller. They will be more willing to negotiate the price with you than holding out for more from any other offer they may get down the road.

Compare prices in different locations too because a condo in one neighbourhood can cost you considerably more than one just a few miles away. If you need to stretch the money you will get with the loan, take that into consideration. It may be worth it to have more space and a slightly longer commute than the other way around.