Are you looking to buy a condo? Here’s a checklist of things to look for when looking at a unit!
- Verify the unit’s floor area and boundaries and that your unit factor is reasonable.
- Find out if you can have changes made to the placement of walls, windows and doors and what the costs would be.
- Inquire whether the building and/or your unit will be accessible to someone with limited mobility.
- Find out if there are plans to reduce the ceiling height anywhere in the unit.
- Check how the units will be heated, cooled and ventilated and the location of heating and air-conditioning equipment, ventilators and hot water heaters.
- Ask the developer about noise- and odour-reduction measures, environmental features and options for suite finishes, cabinets and fixtures.
- Check with the developer and municipality about planned construction in the area.
- Be clear about what is and isn’t included in the purchase price so you can compare overall costs with other condominiums.
- Find out if your monthly condo fees are realistic, what they include, and when they’re likely to increase.
- Investigate whether there are any “hidden” costs, such as long-term leases on building fixtures, which will be passed along to owners.
- Check if the unit comes with a new home warranty and the extent of the warranty.
- Assess, as best you can, whether the project will be completed by the date in the purchase agreement before making moving and financing arrangements.
- Request a “disclosure statement” from the developer in jurisdictions where a developer must provide one before the sale agreement is binding.
- Find out if your purchase agreement allows the developer to extend the occupancy date and check your provincial or territorial homeowner protection legislation to learn your rights if your agreed-upon occupancy date is missed.
- Consult with your lawyer before signing any documents.
