Sunday, July 6, 2008

What you should know before you agree to buy a condo

Click here to watch the video

Great towers of glass and steel are going up in every big city in this country, and in many of the smaller ones too. If you’re looking to buy your first home, or if you're looking to downsize, chances are good you’re looking at condos. You may be surprised to learn that the beautiful rooms you see in the model suites are not necessarily like the ones you’ll live in once your building is complete. The den on your floor plans may become a walk-in closet by the time you move in. Your ceilings may turn out to be a foot or two lower than the ones you saw in the model suite when you decided to buy. As Wendy Mesley reports, buying a condo is fraught with risk for you, the buyer. The developers? They’re pretty well protected.

"This is typical of many model suites that I have attended at their GALA openings". I noticed the model suite was enlarged by approximately 25% from the measurements that I held in my hand. When I enquired, the response was the model suite was for illustration purposes only and not to represent a specific suite. David Pylyp

The other "marketing technique" used is scaled down furniture. While that plush sofa may look large and inviting, usually they are slightly larger than a love seat.

The old adage Buyer Beware really does apply. You should take your own agent to Sales Offices when you are purchasing, Take the documents to the lawyer for a full and complete review, but more importantly examine your long term needs.

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