Author: Ava Cui

Investing in a preconstruction condo can be an exciting opportunity, but it comes with its share of risks. The risks could be: 1. Paying premium pricing, a hike of management fee after 2 years, uncapped development charges, occupancy fee and limited control during interim occupancy, completion delay, change of floor plans and projected amenities, deficiencies of construction and prolonged remedy, HST implications, ongoing construction in the buildings and possible financial loss due to developer bankruptcy and project cancellaion

Thinking about buying a pre-construction condominium in Ontario? Be sure to consider the risks before making a decision. While these properties can offer potential benefits, it’s important to be aware of the potential downsides. Here are 10 risks to know before buying a pre-construction condominium: 1) More expensive than re-sale condos; 2) Increasing condo management fee 3) Suprise of developmet charge; 4) Potential high occupancy fee before final closing; 5) Delay of construct completion; 6) Change of floor plans and design; 7) Change to building amenities 8) Construction Defects; 9) HST Charges; 10) Lack of amenities and services during the construction phase; 11) Potential for developer bankruptcy or insolvency; Ensure you thoroughly research and understand these risks to make an informed decision about your pre-construction condominium investment.

Are you a condo owner or thinking of becoming one? Understanding Special Assessments is crucial when it comes to your finances. Find out what they are, who decides on them, and why they are levied. Discover how your share is calculated and the potential consequences of non-payment. While Special Assessments may have a negative impact on property value, you can avoid them through sound financial management. Review the condo status certificate thoroughly before making a purchase decision and ensure your financial well-being.