When it comes to buying a new condo, location, amenities and the layout are usually at the top of a homebuyer’s list. But there’s one factor that can really shape your experience above all else: who the developer is.
One of the first things you should do when interested in a condo is look into the company behind the development. You can find the perfect floorplan in the perfect location, but if the developer of the condo is inexperienced, underfunded, and lacking in reputation, well, your dream home may not live up to its expectations (if it gets completed at all).
You may even take possession of the luxurious condo you had your eyes on, and end up finding all kinds of flaws once you’re there, and be disappointed with how any fixes get handled.
To avoid all of these headaches, here are 5 things to ask yourself about the developer of a new condominium.
1). How is the company viewed in the community? Ask around, probing everyone from family members, coworkers and friends, to suppliers and real estate agents. Do a quick Google search and look for any published news stories (either positive or negative). While one person’s word isn’t the end-all be-all, asking a sample of people you trust and doing some research should give you a pretty good gauge on the company’s reputation.
2). Are they financially stable? Is the company just starting out, or does it have years of proven financial stability? If a developer is relatively new to the building world, or not able to fully finance the building without selling the majority of the units first, there’s a chance the development could fall through if they don't get enough sales to start construction.
3). What is their track record for possessions? How often do they move in their buyers on schedule? This is very important to know as it will dictate how long you need to maintain your current residence for or if you'll need a long-term storage solution. Plus, who isn't excited to move into their new home as soon as they can?
4). Have they ever failed to fully execute a development? If they have a history of failed condo developments, there’s a chance it might happen again.
5). What is their in-house warranty program like? Do they stand behind their work? Do they have a proper in-house warranty department and policy to deal with normal issues that new builds encounter (nail pops, drywall deficiencies, etc.), and a national home warranty that covers you after the initial one-year period?
If you guessed that StreetSide aces all these tests and more, well, you'd be right. StreetSide is an experienced builder with a proven track record. Backed by its parent company, Qualico, which has a 65-year building legacy that started right here in Winnipeg, StreetSide has the advantage of being able to break ground with no minimum pre-sales.
It also has great warranty protection, which you can learn more about here, that gives you peace of mind with your purchase. StreetSide stands by its work enough to guarantee the quality of materials and workmanship for one year, and major structural items for up to five.
Whether or not you find your home with StreetSide, we hope you’ll consider this checklist when making a choice as big as homeownership.
It can be the little things, like how you’re treated once you bring up an issue, that show a company’s true character.