Buying a WatervieW Condominium is just like any other home or condo purchase. There are just certain “Should Ask Questions” that every homebuyer should know. LJM Developments always strives for the best transparency in its building techniques and purchasing process. Here some of the top questions you should always ask your condo builder.
It’s extremely important for a prospective buyer of a new condo or home to understand who is the developer and what are the features of the new construction building.
Who is the developer behind the project? Are they experienced?
In the case of Waterview Condominiums, the developer is LJM Developments. LJM is a boutique developer in the GTA area over the last decade and has extensive experience in commercial and residential construction. Waterview condos will be LJM’s fourth completed high-rise project with other low-rise, residential and commercial projects completed as well.
What are the total purchase and closing costs on the unit I am interested in? What is the payment schedule?
Once you meet with a WatervieW sales representative and you have selected a unit from available stock, all the purchasing and closing costs are easily laid out for you. From minimum down payment to a schedule outlining exact payment requirements during the build process and when final payments are due. There are no ‘hidden’ costs; all costs will be provided up front for your review.
When can I move in?
As with any construction project these dates are always considered estimates within the industry. Of course most builders try their best to meet these dates as close as possible. Phase 1 is already under construction and move in is expected late 2015, early 2016. Phase 2 is expect late 2016, early 2017.
The Condo Association
Living in a condo-run association is different than owning your own home or living in an apartment. A condo association is responsible for the upkeep, maintenance and governance of the building community. As such, these condo boards have powers to elect representatives from the owner community, enact bylaws and charge maintenance fees to ensure the happiness of the community.
What will the monthly maintenance costs be?
A very important question for any new condo owner which should be known before you purchase. All Condominiums will have monthly maintenance and fees associated with owning. These pay for reserves to maintain all the capital assets of the structure, ensure it is kept in good repair and help with other aspects of the community. In Toronto, maintenance fees average $0.60 per square foot but are as high as $1.00 per square foot in some buildings. When you speak with a representative at WatervieW we can let you know exactly what your maintenance costs are projected to be for the unit you are buying.
What are the current by-laws of the Association? How will they impact me?
Depending on the lifestyle you want to life, certain by-laws of the condo association may impact what you want to do. There is a maximum 40 lbs dog policy in effect for WatervieW condos and there are other by-laws to assure the comfort and safety of all residents. When you purchase with WatervieW you will be given the current condo’s by-laws outlining all residents obligations.
These are just the most important to ask any developer you are entertaining, but be sure to ask any relevant questions of your builder or developer before purchasing.