Tips for Buying a Condo – New Construction in Montreal

Tips for Buying a Condo – New Construction in Montreal

Are you in the market looking for a brand new condo in Montreal? You probably have a few plans in mind; here are some smart steps to take towards the purchase.  Well, before you proceed, you should know exactly what it is that you want out of a condo and be sure that you will be happy to spend your money on it. Here are a few questions you should ask when considering to buy a new condo in Montreal:

How many phases are yet to be built in the same vicinity?

If you are buying into the first or the second phase of eight phases in the same vicinity, it will be harder for you to sell your unit in the near future for good profit, because during that time, the other phases will just be coming up, and there won’t be huge price disparity between what you will be asking and what the new units will be selling for. It will thus be easier for new buyers to opt for the new units instead of yours. However, if you have no idea when you will be selling your unit, then you don’t have to be bothered by the number of phases.

What will be the percentage loss per square foot?

When you are buying a new construction condo, the square foot of the condo will be in terms of the gross square foot, running from one wall to another. The moment you move into the house after construction, it changes to net square foot which determines the actual living space. The acceptable decrease between the two should not be more than 10%, or you will lose a lot of money and end up with a small living space.

Will there be buildings around the condo?

If the view is important for you, then you need to know if there will be other buildings coming up around your unit. For example, if there is a lot of empty space around and your unit is shorter, if other taller units were to come up around yours, then you may potentially lose you view.