While buying a new build can help you avoid any issues that can come from previous homeowners, there are other costs you may not be aware
in the rural township of Stayner, Ont. were asked to pay over $175,000 above what was agreed upon in contracts by Briarwood Development Group. The developer says the new price tag reflects costs added due to disruptions in the supply chain.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
its planned Icona condos in Vaughan, Ont. These developments are among many new home-building projects across Canada that have faced major price increases, extensive delays or cancellations, lately, leaving buyers scrambling.While a lawyer can help to project the overall closing costs after reading the contract, the problem is that not all expenses are available, especially when dealing with development charges.
Development charges are set by municipalities. They are one-time fees imposed by lower or upper tier municipalities on land developers, home builders and institutions when they develop or build upon an area of land.“What I do is, I usually explain all of this to the client, and then I recommend that he goes back to the builder and try to either completely delete costs, whether it’s a fixed known amount or an unknown amount,” he said.
Not only that, veteran real estate lawyers can tell which developer to trust. For Butler, developers who are green and inexperienced, might bring costs up since they might not fully know the ins and outs of the market. “Typically, most of them are long-term specialists, they’re 10 to 30 years specialists. So they’ve dealt with every developer, and they can tell you who’s good and who’s bad. And they can tell you who they’ve never heard of,” Butler said.Article content“Like if you buy something from the builders who have been building condos for 40 years, yes, this kind of stuff doesn’t happen,” he added, in light of the Stayner story or the Icona condo situations.
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