What Is a Pre-Construction Home Worksheet?
By All Access Homes
December 5, 2023
Are you stepping into the world of pre-construction condo investments? If so, you’ll want to know about the pre-construction worksheet. This document serves a dual purpose: it outlines essential purchase details to secure your preferred unit or floor plan and clarifies expectations, ensuring a seamless and more transparent transaction for buyers and developers.
What is a Pre-Construction Worksheet?
“Pre-construction worksheet” is an industry phrase for a “suite reservation form,” which enables you to reserve the unit you wish to purchase. You should expect to fill out this form when a new pre-construction project begins so that you can essentially “claim” the floor plan you’re interested in buying.
Once your real estate agents access floor plans, potential buyers are encouraged to create a “top 3” list of their preferred condo suites using a suite request worksheet. In a nutshell, consider this worksheet a way to show serious interest in purchasing a condo without committing to it entirely.
Why are Pre-Construction Condo Worksheets Important?
These worksheets are essential for a few reasons.
First, they give buyers a simple, structured way to express their preferences for the condo they intend to purchase. By outlining your ideal floor plan, features, and customization options, you can ensure your vision aligns with the developer's plans—which minimizes misunderstanding or dissatisfaction down the line.
Second, pre-construction condo worksheets make you more competitive, especially in high-demand markets. Submitting a worksheet early shows developers you are committed to the purchase. This worksheet essentially reserves your spot in the “queue,” giving you a better chance of purchasing your ideal unit.
In short, this worksheet empowers you to have an active part in the decision-making process, increases the likelihood of securing the ideal investment, and ensures a smoother and more transparent transaction.
What Information Will I Have to Provide?
While these worksheets allow you to select your preferred unit, you may also be asked to provide personal information to verify your identity. This information generally includes your occupation, social insurance number (SIN), and a copy of your driver’s license. Your SIN number is significant as it allows you to earn interest on your deposit before the condo is even built.
It’s worth noting that you will typically complete this worksheet shortly after previewing floor plans. However, filling out the worksheet does not commit you to purchasing any suite requests if they are assigned to your realtor. You should also know that even buyers who decide to sign a purchase agreement still have a 10-day cooling-off period to cancel the purchase.
Why Settle for Ordinary When You Can Experience Extraordinary Living?
All Access Homes is your trusted source for pre-construction projects in the Greater Toronto Area, offering a wide range of new condos, townhomes, freehold houses, and commercial projects. As platinum-level agents, we have strong relationships with builders, mortgage specialists, lawyers, and property managers. We secure clients unparalleled access to projects before anyone else, with the highest number of purchase incentives. If you're looking for the most sought-after pre-construction condos not available anywhere else, contact us now!