A Complete Guide to Presale Condo Deficiency Walk Through
A presale condo is perfect for someone looking for a brand-new, move-in-ready home where developers even give options to customize your home’s design and layout to some extent.
But most of these promises are made by developers in contracts that would be fulfilled at the completion date which is usually a few years down the line.
To make things easier on yourself as a buyer, you must thoroughly understand how the presale condo buying process works to avoid any nasty surprises closer to the completion date.
What is a Deficiency Walkthrough?
A deficiency walkthrough may be one of the most crucial aspects of the home-buying process before the ownership of the home itself.
This process is done after the subject removals but before completion.
Right before the completion of the presale condo, the developer sends out a “Notice of Completion Date” usually about 10 days before the actual date, but the notice period can vary.
During this period, homebuyers have the right to do a complete walkthrough of their brand-new home to check any deficiencies in the unit in terms of amenities, build quality, custom design and layouts, etc.
It is incredibly important to clearly understand the terms and conditions laid out for the deficiency walkthrough in your contract. Developer’s contracts usually weigh heavily in their favour. This is where working with a reputed realtor with a good relationship with the developer comes in very handy, as they can be in a better position to advise.
At ipresalecondos.com we only work with developers with a good track record, so there aren’t any unreasonable demands in the contract.
Who & What to bring with you to the Deficiency Walkthrough?
Here is the list of things you should carry with you to the Presale Condo Deficiency Walkthrough:
- Your Contract and Sales Documents: This will ensure that you can quickly refer to the contract documents to see if everything is in order
- A Deficiency Checklist: This is a list of all the things that you must check for deficiencies. Having an organized list at hand will keep the walkthrough well-organized and efficient.
- Original Sample Finishes: These will help you compare the various paint colours and finishes you selected while signing the sale contract and ensure they’re the same.
In terms of tools, you should carry a level, measuring tape, notepad/pen, phone or tablet with a camera, flashlight, stud-finder and a mirror.
Key things to check for during the Deficiency Walkthrough
Although you should have a detailed and comprehensive walkthrough checklist with you that details every little door, window and corner of the house. Here are some key things you should check for while doing a deficiency walkthrough of your new home.
- Landscaping and ground surfaces: the home’s exterior is as important as the interior. Are the grass and plants to your liking? Are the porch, deck and patio areas what you expected? Check if the pavings are levelled and free of cracks and chips.
- Doors and windows: all windows and doors should be opening and closing smoothly and securely, with pristine glass.
- Faucets, showers, appliances, and electricals: These are usually the most significant pain points of people living in new homes. All of these elements should function properly and be damage-free.
- Cabinets, walls, and floors: check surfaces for chips and/or cracks. Additionally, there should be no condensation gathering anywhere.
- Incomplete or wrong finishes & Missing hardware/fixtures: Compare each paint colour and finish with the sale documents and ensure they match. Also, check if all the hardware and fixtures promised in the contract are present and functioning well.
From our experience, most of the deficiencies we see in pre-construction homes are cosmetic but more serious deficiencies can also exist. A good rule of thumb is to see if anything isn’t “as new” and report that.
Your Next Steps…
With the warranty in place, the next steps for you as a homebuyer are to report these deficiencies and have your realtor work with the developer to address these and start repairs or maintenance.
Remember, while the goal is to avoid any deficiencies, individual tastes and different unit layouts can mean that finding a few discrepancies with your future condo is not unreasonable.
The aim of the Deficiency Walkthrough is to catch these issues early on and get started on fixing them preemptively instead of as an afterthought when you’ve already moved in.
Working with a reputable developer significantly lowers the risk of deficiencies in your presale condos.
Our extensive presale condo directory only lists only the top developers that are tried and tested and have a great track record of delivering high-quality projects in a timely manner.
At ipresalecondos.com Our goal is to provide you with an enjoyable and seamless buying experience. To that end, we’re constantly working on improving accessibility to the latest presale projects in the city of Surrey, Vancouver, Burnaby, Richmond, Port Coquitlam, New Westminster, and the rest of the lower mainland.
If you want to learn more about what kind of market we are in currently and how to get the most out of it, get in touch with Ravi Bhindi, who has 18+ years of experience in real estate and pre-sale condos. Please call or text/WhatsApp at 604-825-8881 or email at email@example.com