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If you are looking for Toronto Condos or lofts, you may be pleased to discover that there are more than 200 new construction projects currently going on in Toronto. The projects have many different features, prices, amenities, locations, and more. Unless you are experienced on how to purchase a new construction condo, however, it would be wise to find an experienced condo buyer who can help you through every step of the process. A buyer can help to coordinate the details of purchasing a new construction. Many times, lofts can be of the same design but an end or corner unit will have an up charge for the same square footage in the condo. Likewise, when picking flooring, countertops, and carpeting, many lofts have basic choices that are reflected in the starting price that’s advertised outside the condo but when you change from those colors and designs, there is an added charge. If you aren’t careful, a new construction condo priced at $300K can wind up costing you more than $500K with upgrades. Your agent will also be aware of “inside” talk on new constructions that the general public is not aware of. This is extremely important if the new construction you’re considering has some major concerns that may come up in the future and impact your maintenance fees significantly. Remember, buying a condo is a long-term commitment. Once you sign the purchase agreement, you have committed yourself to that particular community. Why buy a new construction rather than an existing? There are many factors that people favor in a new construction that you do not get with an existing condo. For starters, because you are purchasing a new construction, you have the pleasure of coordinating wall colors, counter tops, carpeting, appliances and more. Shopping for a new construction condo can be a truly thrilling experience or it can be a serious headache filled with misunderstandings and costly upgrades or adjustments. New construction owners are aware of how quickly these costs can escalate and sometimes offer buyer’s incentives such as $25,000 or less in upgrades. These upgrades are not always advertised and the new construction owner is not required to mention these upgrades to you. Your agent will know to automatically check for these and other discounts that you are entitled to and relay the information back to you so that you can make an informed decision about whether or not you want to purchase a new construction in a particular community.
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