OMG UPDATE: Question? Answer.

Updated on Tuesday, January 28

#5840

QUESTION: How risky is it to sign a lease to an apartment in a building that isn't finished yet (ex. 208 Sunview, 181 Lester, 295 Lester)?

8 comments

  1. VERY!

    DON'T EVER DO IT.

    Construction projects regularly run behind schedule. Most contracts will include disclaimers that tenants are not entitled to get money back, or interest on the amount paid for the delay in completing the project. Some contracts allow the developer to ask for more money if the construction is delayed or goes over budget, and if you refuse to pay they don't have honour their commitments to you.

    Never do this.

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  2. I don't trust companies that promise to be built for move in. I lived in 41 Columbia the first year it was built and even though it was "finished" in time for us to move in there was a lot of issues, stairs weren't covered or painted, some of the appliances weren't installed properly etc. Not to mention the place was kind of crappily built, it looked nice but it's all glamour, in 10 years it will be in pretty bad condition.

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  3. The building next to the one I live in (same company) wasn't finished in time for last September. I knew people who were going to move in and it was a total pain in the ass for them. I would HIGHLY advise not doing it, even though they look so new and shiny (which I love). Unless you write in a clause about getting compensation (or there is a clause)...I would be very careful.

    Good luck!

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  4. Why would you do that? You should see the finished product before signing a lease.

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  5. Not only is 295 Lester built, there have been people living in it for over five months …

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  6. If you sign the lease make sure there's something in the lease about what to do if the property isn't finished in time. Talk to the OCH office in the SLC for some ideas on how to get that into the lease

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  7. Those buildings are all crappy paper-walled boxes with no insulation and terrible property management companies. Honestly, there are better options.

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  8. I signed for 203 lester before it was finished building - they had a contract saying that they will provide housing, transportation, storage in the event that it's not ready by the moving day. Ask for something like that.. though keep in mind it'll still be a huge inconvenience even if they provide temporary housing.

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