Buying a new-build condo is very exciting, but there are a few things you need to pay attention to, so keep these tips in mind:
Monitor Your Dates Very Carefully
You will be given an estimated completion date when you sign your contract, but you have to remember that it is very difficult to plan the timing of the completion in a new-build. Regardless of this fact, a completion date is very important because that is when the property is going to be registered in your name and when the funds are sent to the seller’s notary or lawyer for distribution. There will be a clause in your contract that will state that the estimated completion date may change, depending on different aspects like weather conditions and changes in the construction schedule, so it can be very challenging to plan when exactly you need to have your money arranged and when you will actually move in, and this is why you need to monitor your dates carefully.
Establish A Comprehensive Budget
You will have to sign quite a bit of legal paperwork for your new purchase, including a financial document called Statement of Adjustments, which will contain things like your purchase price, property transfer tax and its rebates, GST and rebates, the amount of your mortgage, adjustments for shared expenses and an invoice for legal fees among other items. You will have to be prepared for these costs and will also have to plan for moving expenses and the cost of upgrades, so you need to develop a conservative budget; otherwise, you may not be able to handle the costs that come with a new-build.
Make A List Of Deficiencies
You will get to walk through your new condo when you get close to the estimated completion date, and you need to pay close attention to all of the items listed in your contract that may not yet be finished. Look at things like tiling, flooring and the size of the unit to ensure they are what you expected. Make a list of all of the items that do not match what you contracted for so that you can discuss them with the developer and come up with a plan for fixing them. You need to know who will do these repairs and when they will be completed. You need to ensure you get everything that was promised to you in your contract, so you need to pay close attention to any discrepancies you find during your walk-through.
It is important that you stay organized and that you communicate regularly with your developer when buying a new-build condo because this will make the process easier. Wendy Fuller Notary Public can also help the process by assisting you with the paperwork necessary for the purchase of a property. Our reputable team will ensure your documents are in order, so if you require notary services in the Vancouver area, give us a call today!