After recently closing on one of my pre construction condominium purchases, I decided to actually sit back and compose a little list of what to look out for (a) when purchasing that brand new condominium in the sales office and (b) when attending your pre delivery inspection. Purchasing a Condo: It is very important to know who the builder is. Visit some of the previous buildings or residential low-rise projects the builder has completed in recent years. One of the best tools to conduct research on a builder is actually found at tarion.com
- Who is the builder of your new condo?
- Their reputation: visit tarion.com for a list
- Their reputation: Ask your realtor (preferably me) to take you to see previous projects that the builder has completed. Often times, you'll get a great sense of the quality and craftsmanship the builder puts into their projects.
- Ask around - word of mouth and the power of referrals are usually the best way to figure out if something is well constructed or a lemon
PDI's: What to Bring and What to Prepare for:
- Bring your purchase agreement and upgrade list for the inspection as a checklist. For those looking for a more complete checklist, you can also visit the Tarion website. This checklist is designed for both house and condo inspection, and can be used as a guideline for review.
- Bring a small electronic device, such as a nightlight, to test the electrical outlets. Chris discovered four outlets that were not operable.
- Set your expectations and be prepared that there will be unfinished items. This way, you won't be disappointed.
- If items were missed during PDI, you can include them in the 30-Day Warranty Form to be sent to Tarion and the builder. There is also a final opportunity to report items on the Year-End Warranty Form. You can now complete and submit the Warranty Forms to Tarion through their website.
- Be prepared that the builder will require access to the suite, with notice, to complete any outstanding PDI items.
I know this is a very complicated procedure, so if you need some help or would like me to walk you through the process feel free to contact me. Being a consumer/investor myself, I know how tricky some of these steps can be.