Considering pre-construction projects with the eyes wide-open!

Monday Jun 20th, 2016

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In the last decade Toronto and the Greater Toronto Area have experienced a construction boom.  It has affected every single resident of Toronto and the GTA and not only those who buy pre-construction for personal or investment purposes.

Living on a border of Toronto and York Region means I’m constantly driving in one of the busiest pre-construction areas. And while it makes me pleased with a revival of the communities, as everyone else I’m annoyed by the constant traffic congestion. So I believe it’s a very time to start writing and posting relevant information about pre-construction. It’s pros and cons! And what to particularly watch in the pre-construction contracts.

 

Here is the first post taken from the Tarion Warranty Corporation(http://www.tarion.com) which is a private, not-for-profit corporation established to administer warranty coverage for MOST newly built houses/condominiums in Ontario, pursuant to the provisions set out in the Ontario New Home Warranties Plan Act. This corporation regulates the new home building industry and is funded entirely by builder registration, renewal and home enrolment fees.

Take an extensive view of the surrounding area of the proposed project:http://www.tarion.com/About-Tarion/News-and-Events/InTheNews/Pages/Take-a-Panoramic-View.aspx

It’s a very important first step to consider when you decided to invest into the pre-construction. Your home enjoyment largely depends on the community it’s located in: It’s layout, convenience, safety and security.

 

Caveat: If you decide to buy a pre-construction (house or a condominium apartment/townhouse), remember that the developer/builder sales representatives are working for the developer/builder and usually for fixed salaries or some type of commission. So their main responsibility is to protect the developer/builder not the purchaser. The same goes with their lawyers. It’s paramount you obtain your own representative and a legal council to be sure your rights and interests are protected. I’ll write more about it in the near future.

Best wishes,

Olesa Islamova


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