5 Biggest Mistakes of New Construction Buyers

UPDATED SUMMER 2022

Its been 10+ years since I first wrote this. Each year I make sure it stays relevant and add what is needed.

And still people are walking into shiny sales centres and blindly signing a binding agreement.

In my 22+ years of handling Toronto real estate, not ONE of my new construction buyers has ever invested into a failed project. Not one.

News stories about some buyers who paid too much for new builds and now can’t sell them is another reason to NEVER walk into a sales centre alone.

I’ve been saying this for years and it’s time you listen. Read this and share with those you care about.

Here are 5 of the tips I offer (many more once you are signed on). Each one alone has been a life saver for many of my loyal clients.

1️⃣ Did you know that if you do not request a certain clause in your new builder agreement that you could be hit with 1000s of dollars in added fees that CAN be avoided?

2️⃣ Did you also that there is NO standard assignment policy amongst builders? To assign a unit means you can sell the agreement to another buyer PRIOR to closing in case you are not able to carry a mortgage by time of closing. My ViP New builder checklist includes this and several other key points that has saved my clients thousands in expenses. I have been able to negotiate assignment fees down as part of my review and can help you do the same.

3️⃣ Did you also know that the moment you walk into any new sales site you often relinquish your right to have a buyer agency agreement in place and, along with that, any ViP rewards I may have set up.

4️⃣ Having an experienced lawyer review your agreement within the recession period is critical and working with me includes adding in the protections that my clients have come to expect over the years

5️⃣ Did you know that some builders will do pre-sales to brokers only for up to 1 month BEFORE they open the list of people who registered on their website? With me, you get priority access on DAY 1.

BONUS ➡️ GROUP BUYING OPTION: Imagine walking into a builder sales site alone OR with me & 5 other qualified buyers? Do you think the builder will want us in first? YES. In most pre-construction broker previews, its the agent with the most buyers who gets the most attention. Join my group and that can be YOU.

BEST OF ALL….none of these added protections will cost you a dime and, in fact, will have you accepting your new keys with many more advantages than some of your neighbours.

If these reasons are not enough (and they should be), then you may want to just send me the extra money you wont be needing 🙂

Over the last 22 years, many of you have been wise to join me on my tours of new builder developments.

If you are one of those people that feel that feel you don’t need any protection and can live without the benefits…keep this in mind:

YOU MAY SAVE ENOUGH FROM THE PROTECTIONS I PROVIDE TO COVER ANY MARKETING EXPENSES WHEN ITS TIME TO SELL.