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What You Need to Know Before Investing in Pre-Construction Condos in Canada

The sales of condos in the largest housing markets in Canada have skyrocketed over the recent past. That has led to many looking to make investments in pre-construction condos. In as much as making such an investment is a good idea, there are numerous factors that you need to put into consideration before making the final decision. Below are a few of the things that you need to know before you invest in a pre-build condo in Canada.condo under construction

The Reputation of the Builder Matters

Putting your money in a condo unit that has not yet been constructed comes with its risks. It is for that reason that you should look for a developer that has an impressive reputation. The simplest and best way to determine the reputation of builders is to check the work that they have done previously and assess the quality of work. Find out if they completed the job on time and if not, the causes and duration of the delays. Also, find out if the developer raised the maintenance fees after completing the condo construction.

Location Can Influence Your Profits

The site location of the condo is another crucial consideration to make. Statistics indicate that about 54% of all condo sales in Canada are in Vancouver and Toronto. That means that such places have the highest demand for condos. Because of higher demand, the returns to your investment will be a lot higher if the condo will be constructed in such areas. More so, the demand will be even higher if it is located strategically, close to many public amenities.

You Might Have to Pay Interim Occupancy Fees

If you choose to invest in a pre-construction condo, you should be ready to pay the developer what is known as interim occupancy fees or phantom fees. The fees are charged to cover the maintenance costs of the condo, starting from the project completion to when it is registered. A good example is when some units of the condo are completed before others in a multi-story condominium. The interim occupancy fees will be paid until all the units are completed.condo building

You Can Take Advantage of the Cooling-Off Period

After you sign a contract to purchase a pre-build condo, you will still have a cooling-off period, which is usually ten days. During that time, you are allowed to consult with your lawyer and do whatever else you need to do to ensure you are happy with the deal. If you change your mind, you can still opt out of the contract within the cooling-off period, without any legal implications.

Tips for Choosing a Professional Architect

If you are planning to build a new home or improve the existing one, you are making an important step to achieving your dreams. You need an architect to make your dreams come true and support your projects. However, there are many architects in the building industry, but not all of them will impress you.

It is important to choose an architect that makes you comfortable and trustable. People often find it difficult to identify a professional architect. If you are one of those, you should not worry because the following tips will guide you in choosing the best architect.

Find an Architect Website

floor plan at the computer

Finding an architect website is the first step to finding the best architect for your project. These websites are created purposely to disclose information about the architects in particular regions or globally.

It is an online directory used to locate qualified and experienced architects from different architectural firms. You should not limit your search in the suburbs while you can get access to several qualified architects online.

Check the Ratings of the Architect

When you base your research on the internet, you should not only focus your search on the customers’ reviews and comments, and you must check how the architect is rated. A professional architect will have a high rating on his website on the general website for the architects.

Similarly, you can also check the Better Business Bureau and find out the ranks of the architect you intend to choose. This board will let you know if the architect is qualified and reputable to hire. In other words, you need to choose an architect with a rating of A+.

Prioritize an Independent Architect

It is important to choose an architect who works alone. One of the many benefits of making a choice is the independent advice and the guidance that this architect will offer you throughout the project.

Remember that the architects who work as an organization might be limited to compliance with the rules and regulations of their firm. However, this does not mean that they do not deserve to be a choice, the whole point here is independence and decision making limits.


guy miniature with architect tools

Sometimes it is worth to consider finding the referees to guide you throughout your decision-making process. When you meet the architect, you must ask for the list of referees but not just the past clients, the list should contain builders and engineers. These referees will provide you with a strong recommendation to the professional architect they know.

All you need to do is listen to their responses about the architect if he is providing the best standard services to projects. You can also consult on the cost variations as well as detailed technical skills or the architect.

In conclusion, it is important to trust your instincts, and if you feel like a particular architect is not offering what you expected, you can walk away and find another professional. You also need to prove the experience by asking for the previous projects of the architect before you hire him, take time to make a conscious decision.

Tips for Picking a Great Real Estate Agent

Through signboards, online advertisements and also postcards, you will be able to identify a real estate agent. However, it’s a nightmare to choose one of the very best out of the list you researched on.

There are methods on how to come up with an agent’s record and capability.
Have a look at these several tips to find a perfect real estate agent, whether you are selling or buying a home.

Contact Agent’s Recent Clients

Real estate agentKnowing the experience of other clients will be of great help to you to gauge your agent.Request for a list of what they have put down and sold during the past year, including contact information as well.

When it comes to the recent clients, you would like to know how the asking price and the sales price were. In case you are selling, inquire whether the previous properties were the same as yours regarding price, location and other essential features.

Experience of the Agent

Experience is gained if one is on a particular career for over two to three years. A licensing state authority can often inform you how long an agent has worked in business. More so, you can also ask the agent directly.

In case they have not been on the market for like five years, they are probably still in training, on which is not a good sign. What you need is an agent who is actively involved in a particular place and price range. You will require an agent with good knowledge of homes and the area in your price range.

Check on the License and Disciplinary Actions

Ensure that you check with your state’s regulatory body to know if an agent you need is licensed. Also, check whether the agent has any complaints or disciplinary actions. You can find all of this information in the state license and a disciplinary record of real estate agents, and it may be posted online.

Agent’s Knowledge of the Area

House agent with clientsA great agent should know other properties that are open in the area. You can name a house within your area that later sold or is either for sale.

If the agent knows about the property and tells you some information, then it means that the agent truly knows your area.That is the kind of agent you need, someone who is leading the market.

Agent’s Current Listings

Look out for the agent’s listings online. You can look at the real estate agency’s sites and websites which give online information on properties in a lot of listing services. Lots of buyers begin their search online, and you need an agent that uses it well. A significant thing is a captivating web presentation. Check on how closely an agent’s listings emulate the property you need to sell or buy.

Financial Considerations Before Buying Your First Home

It might be that you have been staying in a rental house for an extended period, you want to move out from your parents’ house or either your family has grown. Buying your first home can appear to be an amazing moment. But before buying that house you want it’s essential to ensure that you are ready financially for what might come up.

Being able to buy a home is not as easy as just making the down payment and be able to carry out the mortgage payments. You will find a lot of additional costs, fees, and expenses that you will have to consider to acquire the right understanding of what you will come across to own your home. Here you will learn financial factors to consider before buying your home.

Consider Property Taxes and Home Insurance

house sketchWhen planning out your monthly payments for principal and interest, make sure you do not forget to include the property taxes and the homeowner’s insurance.

Lots of people happen to remember the principal and interest and tend to ignore the taxes and insurance.

Consider the Utilities

You might be probably used to budgeting for few types of utilities in case if you are renting. However, the price of heating one bedroomed house can decrease in comparison with the bills for an entire home.


Most of the times when buying a house, a lot of the essential machines will come with it.But these appliances are not long lasting, and they also happen to break at the lowest financial times. Due to this, it’s crucial to ensure you have enough financial savings for these unpredicted expenses.

House Repair and Maintenance

house and toolsOnce you have a house of your own, you will be the one paying the bills. If you are not ready, it might be expensive, mostly when it will come to cleaning gutters, replacing a new roof or even wiring and plumbing.

So with all these new expenses, you have not considered, you should then have a budget to know whether you can meet the financial commitment.

Furniture and Small Remodeling Projects

Most people tend to buy new furniture and have small remodeling after they buy a new home. Even though, with this, you will end up spending a lot of money. But some people would like to spend some additional funds to make their new home look nice. But if you want to avoid spending a lot and cut on cost, you can prevent the remodeling and buying of modern furniture.