According to a recent report from The Toronto Star, those who purchased a condominium unit in a building that is still being constructed might be in for extra costs come move-in time.
The source reported that since the city council recently approved the doubling of development charges for builders, those costs will likely be inflicted on the buyers.
"Most new condominium contracts provide that the buyer is responsible for any increased development charges that the developer incurs after the date that the agreement (of purchase and sale) is signed," said Mark Weisleder, a real estate lawyer who writes for The Star.
According to the news source, the extra costs could equate to nearly $7,671 for the average one-bedroom unit and $10,624 for the average two-bedroom.
Save money where you can
Individuals who are downsizing from a single-family home to a condominium are likely to have too many valuables for their smaller space. Instead of cluttering up a home or trying to ditch items before you move, the cost-effective decision could be to rent affordable storage units to house any items you might not be using.
Self storage can be a smart way to hang on to valuable items without taking up room in a house or apartment. For Toronto storage solutions, there's no better than Jiffy Self Storage. Those interested in self storage should check out the affordable rates on Jiffy's website, where they can also enter to win a free iPad 3.