8 mistakes first-time pre-construction buyers make (and how to avoid them)
Most pre-construction problems are avoidable with a little planning.
- Budgeting only for the deposit. Closing costs and adjustments can add thousands. Read closing costs.
- Assuming today's mortgage approval holds. You qualify again at closing, under the rates and rules of that time. See mortgages.
- Skipping the lawyer review. Use the 10-day cooling-off period for condos.
- Ignoring the builder's record. Check delays, cancellations and warranty claims on the HCRA Ontario Builder Directory.
- Buying the cheapest unit, not the best one. Awkward layouts and poor exposure are harder to resell.
- Overspending on upgrades. Prioritise what is hard to change later.
- Making firm plans around the first tentative date. Wait for the firm closing date before giving notice or selling.
- Missing the warranty deadlines. File the Tarion 30-day and year-end forms on time.
The fix
Work with a realtor who focuses on pre-construction, get a mortgage professional involved before you sign, and read the first-time buyer's guide.
Book a call with Dinesh.
What does this mean for you?
Book a free 15-minute call and Dinesh will walk you through how it affects your plans.
