Are you on the hunt for a new construction/development condo? Be aware of some of the hidden fees and how you can protect yourself from a surprise bill in the amount of $10K - $20K! A few tips for those of you that are on the prowl...
1. Development fees - city imposed charges that can range from $5K - $20K+. These can be capped if you know what you're looking for and how to leverage them into the purchase price.
2. Levies - park and education levies are just a few. There are others but these can be hidden in the agreement and should be address at the time of purchase.
3. Small miscellaneous fees - the Law Society of Upper Canada fee, mortgage discharge fees, status certificate fees, reserve fund fee and others.
4. HST - check and double-check! Are you an investor or an end-user? This can affect HST payable on the condo. If you are an end-user, please ensure that you negotiate in that HST is paid by the developer or that you are aware of your proportionate payment.
As always, a great Realtor will provide you with added value through strategic negotiation with a developer and ensure you are protected and get the best possible price, upgrades and finishes into the purchase price!
Good luck and happy home hunting!
The WareInToronto Group.
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