Key things you need to consider when buying a pre-construction condo:

When is the delivery date?


Is parking or storage included?


What do the monthly condo fees cove

What does your insurance need to cover, and what does the condo board’s cover?


What is the price list of available upgrades?
What are the amenities?

What are the guest limits in the common spaces?


Benefits:


Including getting a lower price than resale condos.

Finding a building in the location of your choice.

Getting the unit of your choice within the building.

Pick your floor plan.

Choose available upgrades and selecting available color palettes (Select the types of flooring, countertops, cabinets, and more)

New construction units will have a warranty plan in case anything goes wrong in the first 1-7 years.


Drawbacks:

Deposit being tied up during the construction period

Typically you don’t get to physically see what you’re buying until it is finished

Possible delays