I was recently approached by a friend, who required some direction on the purchase of his first condo. 'Michael' had visited the showrooms of a nearby developer and had received some encouraging news about "some really cheap pre-construction prices". But as a prudent purchaser faced with one of his biggest investments, Michael wrote to me asking for some advice on what questions he needs to ask the builder, and if I had any tips for him.
I've been to many presentation centres, where they showcase only the finest construction materials, and show you wonderful pictures, models and plans of site in their pursuit of securing your deposit. Developers spare no expense in selling you not just the condo itself, but also the lifestyle that comes with living at that address. So one of the first things you want to check is that it fits your lifestyle. You'll also want to ask about construction plans for the adjacent areas which can affect your view. Ask about the number of units pre-sold, and when the condo registration process (which can take 6 months) is scheduled to start. You're able to take posession before the condo coroporation is registered, but will have to pay what's called an "occupancy fee".
Your next line of questions should be regarding construction materials. What sort of seperation provisions are there to limit noise between units? Are the heating and cooling units individually controlled, and belonging to the unit owners?
This should get you started, and I advise that you visit the CMHC web-site for more home purchase information geared specifically to the consumer.
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