As a potential buyer in Oakville, you need to know some things before going ahead to purchase that pre construction house. Do not be that buyer who just dives into the market for the sake of it. With pre construction homes being all over, you need to be informed before buying. Here are the 10 things to know before you buy a pre construction house in Oakville.
Delays are inevitable
Be it in Oakville or any other Canadian city; delays are inevitable when buying a pre construction property. Many pre construction projects are usually delayed. Developers will most likely push back the closing date due to construction delays. Just be prepared for that as you keep your eye on Oakville real estate.
The 10-day cooling-off period
When buying a pre construction house, there is always something known as a 10-day cooling-off period. This period usually comes after the contract has been signed. This is the time when you will review your purchase agreement and be sure it’s worth it. If you feel it is not the right deal for you, you can change your mind. To assess the contract well, you can seek the services of a lawyer who has great experience in pre construction purchases. You will also use this time to do more research on the builder’s reputation.
Are you aware that you will be required to pay a deposit when buying a pre construction house? Yes, you will be required to pay a deposit at the start of the deal. In most cases, the deposit is always 20% of the selling price. The best thing about this deposit is that you can pay it in bits. It can be paid in smaller percentages as time goes by. The deposit structure is simply flexible so that it can favor a buyer like you who doesn’t have enough money to pay the deposit at once. You don’t need to stress yourself about how you will raise the full amount for the deposit.
Pre construction projects are launched in phases
It is a common thing for developers to release their projects in phases. If you didn’t know, now you know. In most cases, a majority of the first phase is usually sold to friends and family of company staff. The other phases follow later, depending on the demand. That’s what happens when it comes to pre construction homes. As you are planning to get a unit in Oakville, have that in your mind.
The site plan and unit layout are subject to change
You should be aware that changes may occur as far as the site plan and the unit layout are concerned. The amenities as well may change. So do not be surprised when you see that happen. What the builders put in the marketing material is always to attract buyers. A few structural changes here and there are the common changes that you will likely see. Don’t be scared that you will get a completely different house from what you’re expecting. Just proceed with exploring the Oakville real estate, and you’ll eventually find what you’re looking for.
The developer history
One of the things that you should not fail to know is the history of the developer. Before getting into a deal, you should be aware of their reputation. Strive to know how they have conducted themselves in their past jobs. You can always do that online. Look for reviews they have gotten from the various buyers they have worked with before. You can as well ask around for feedback in the communities they have built. By doing that, you will be sure of what kind of developer they are before you seal that deal. Don’t just rush to buy a pre construction house without caring to know the history of the developer.
The agreement of purchase and sale
You should not miss knowing the contents of the agreement of purchase and sale. If you don’t understand it, your lawyer can help you go through it. Do not make the mistake of proceeding with the deal if you fully don’t understand the agreement. Your lawyer can later review it when you are ready to go on with the buying process. Even as you are busy looking for pre construction houses for sale in Oakville, don’t be tempted to ignore the agreement.
Two closing dates for pre construction condos
The two closing dates in question here are the closing date and interim occupancy. This is something you will experience as far as pre construction condos are concerned. Interim occupancy comes before the closing date. Interim occupancy refers to the date when the condo is ready for occupancy. At this stage, you cannot do renovations or even rent the property without authorization from the developer. The closing date is when you are granted full ownership of the condo. You will sign the documents and ownership of the condo will be transferred to you. In theory, it looks like they are two closing dates.
You’re getting a pocket-friendly deal
Oakville is known for having affordable real estate prices. When you decide to buy here, you will not pay huge sums, as is the case in cities like Toronto. Another reason why you won’t need to worry is that pre construction homes are generally cheaper than new construction homes. You will always find nice deals in that field.
You’re buying in a safe place
Oakville is a more secure place for you to live and enjoy. Crime rates are lower compared to certain cities across Canada. Halton Police Service has worked so hard to ensure that neighborhoods here are safe. For that reason, putting your money in Oakville real estate won’t be a bad idea. So hurry up and find your perfect home in Oakville.
Since you are now aware of what you’re supposed to know, you can now comfortably think of pre construction homes. The market in Oakville is more than ready for potential buyers like you. When going on with your buying journey, keep in mind the above 10 things mentioned. They will be of great help to you, and you won’t regret it after buying a pre construction house in Oakville.