Condo Pro: Spring into action this spring

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Buying new means you reap the bernefits of the very latest in design and architecture

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I have said it before, but it bears repeating – when it comes to shopping for a home or condo, buy new, and buy sooner rather than later. Buying new or pre-construction means you enjoy a multitude of advantages such as coverage by Ontario’s Tarion warranty (Tarion.com).

The one-, two- and seven-year coverages protect buyers, depending on the type of defect. Tarion regulates home builders by administering the Ontario New Home Warranties Plan Act.

In addition, new homes and condos today have to be constructed according to the standards set out by Ontario Building Code, so you get the most advanced residence with regard to quality and energy savings. Just think of the money you would likely have to spend to bring a resale home up to these standards!

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Then have a look at location, which is at the top of most buyers’ must-have lists. Nowadays, new home builders and developers are selecting properties that are close to amenities and are near to, or even on, public transportation routes.

As we emerge from the pandemic and people return to their workplaces, this adds to the appeal of buying new.

Buying new also means you reap the benefits of the very latest in architecture and design. On the outside, developers create beautiful facades that may evoke the character of traditional, contemporary, modern or even avant-garde.

And inside, today’s designers make clever use of space, so even the most compact residences “live” larger than their square footage. You can select the home or condo that speaks to your aesthetic sensibility.

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Of course, buying pre-construction means you get to choose the colours, features and finishes that satisfy that same sense of aesthetics, as well as the functionality you require.

Your choices truly transform your house or condo suite into your home. Even today’s standard features are more elegant and well made than they were a decade or two ago.

Buying pre-construction also typically means you have a few years before occupancy to save toward your down payment. Buyers tend to make use of this period to evaluate what possessions they will take with them and what they might need to purchase.

As an incredible bonus, buyers are likely to earn equity even before taking possession! This is wonderful news, whether you buy purely as an investment or you intend to move in. Either way, owning real estate is a terrific addition to your portfolio.

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I also consider the feeling of walking into a brand-new home or condo suite as a big attraction. Like sitting in a new car, you can breathe in that “never-been-used” smell of pristine, freshly painted surroundings.

Despite the naysayers who love to predict doom and gloom, the new home and condo market across Toronto and the Greater Toronto Area is strong and steady. That is why I suggest purchasing sooner rather than later.

Just look at how properties have increased in value over the years. With immigration numbers increasing, demand is sure to rise as well. If you have a new residence in mind, don’t wait – spring into action this spring!

Barbara Lawlor is CEO at Baker Real Estate Inc. Keep current with The Baker Blog at blog.bakerrealestate.com.