Wait Wisely

By Barbara Lawlor

When you purchase a condominium suite you may be able to move in right away or you might have to wait, depending upon what stage the development is at. Whether you buy from plans when the sales office opens, an inventory suite when the condo is complete or any time in between, the main thing is that the timing is right for you. If you do have to wait, there are a lot of things you can do to make the most of the time between purchase and occupancy.

An advantage in buying early in the process, especially for first-time buyers, is having time to save additional money toward your down payment. One strategy is to take the equivalent of your maintenance fee, put it in the bank every month and use it toward your deposit. This will help you work out a budget and will make it easier to plan for your monthly carrying costs. 

There are also advantages for the more mature buyer to have time before move-in. Over the past few years, I have met several empty-nesters who spent years making the decision to sell their long-time family home and buy a condo suite. They were finally sure they wanted to take advantage of carefree single-level living in a building with wonderful amenities, but they were happy to have time to make the transition psychologically, as well as physically. The waiting period provided a terrific segue from their former lifestyle to their new one.

And speaking of the physical part of the move, it can be a positive, cleansing activity to pare down your possessions in preparation for occupancy day. The freedom of having less space to worry about brings with it the challenge of determining which items from a lifetime of accumulation you want to keep. Study your floorp lan carefully and determine which pieces of furniture and accessories will fit in well in your new surroundings. This extra time also provides the perfect opportunity to hand down family heirlooms to children and grandchildren, and to make decisions without feeling rushed.

You will also have a lot of other decisions to make, such as choosing your features, finishes and colours. And let's face it – the ability to determine the look of your suite is a perk of buying new. A waiting period allows you to research current trends. Many design consultants recommend that purchasers start an ideas folder with photos, magazine articles and even scraps of fabric that can help guide their choices during their colour selection appointment so they can create a stunning look that will feel like home. 

If you will be moving to a new area, spent time exploring your new neighbourhood. Find out what you can walk to, how convenient public transportation is, where the good restaurants are, what shops are nearby. What highways can you access conveniently? Where will you grocery shop? Spend time in your new neighbourhood so that it will feel like home as soon as you move into your beautiful new suite.

Enjoy the wait – and remember that your investment will most likely increase in value by the time you move in. Typically real estate in the Greater Toronto Area increases in value every year. This is especially true in Toronto, which is known as one of the best cities in the world for lifestyle and investment purposes. If we go by statistics from the past, by the time your occupancy date arrives, your suite may have increased in value by anywhere from 5 to 25 per cent! And of course, the earlier on you choose your suite, the more comprehensive the selection and the better the pricing.

Buying a new condo is exciting. If you purchase early, make the wait a fun part of your buying experience. Time is on your side!

Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas.