Quote:
Originally Posted by VR6GTI
Whats the hidden fees associated with these new buildings where you don't have to pay until 2016? Is that because the building will not be ready until 2016?
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If the building is pre sale (most like it won't be complete till say 2016) you have to pay a deposit (usually 20%).
How it works depends on the developer but typically once you buy the unit you have to pay 5% within 7 days of purchase, and then another 5% 6 months later and so forth. There is always some restriction to prevent you form selling it till the apartment is complete or near complete (ie can't sell till it is 1 months within completeion date, can only sell to family, or developer will charge 5% of the asking price etc etc).
There are advantages and disadvantages of buying pre sale so is up to you to decide.
Advantages
-Price might be cheaper
-you get to pick your unit you want first
-Get to pick the color scheme of your apartments
-Have to options to purchase extra parking spot or extra locker
-Get to rent it out for sure (since you are buying pre sale there are no starta so no rules yet)
Disadvangates
-Buying something you can see in person now
-Have to pay deposit which ties up your money
-Can't check build quality, view etc etc since nothing is build yet
-Don't know who your neighbour is or what type or person they are
-There is always a risk that the market will crash and you are still hook
-There is always a risk the developer go under