What's A Mill?

Today while browsing through the realtor section of the newspaper, I saw the vast majority of homes and condos were selling for well over a million dollars. Without getting into the matter of overpricing and sheer greed, it seems to me that things are getting out of hand entirely. What is the market? Who is shopping for a home with a suitcase full of money just to buy a place in which the cost of materials is just not worth that kind of coin? Those who sell these places, not new, must be looking, for the most part, as everyone else, for something affordable and perhaps if their dreams of selling "the farm" work out, they will get a place just as good or better than what they are walking away from so they can put money in the bank. This seldom happens. So they buy a new place and fork out a good deal of their new-found wealth. All the inherent expenses of re-location kick in. Remodelling, furnishings, taxes, moving, and changes, all flood in the door and the cash pours out. Home and condo home owners I happen to know of, often learn that what the ads said are not what the ads did. Even with insurance plans taken into consideration. Things such as plumbing that somehow passed inspection, has troubles. Or finishings. Or structural matters. Some of the great sounding amenities may not be complete or show up at all, and worse, the new council has signed on the dotted line thinking they, and the other new folks, now own the place all to themselves. The learning begins. The tiny grey print on the bottom of the lovely illustrated brochure that enticed everybody to buy, meant what it said. Changes could (and did) occur and yes, descriptions might not be as illustrated. But, it's too late. The deadline has passed and the developer is on to new and better things. Your cash helped him/her developer to head out to greener pastures, thank you very much.  And since the ink is dry, the proud new owners of the "finished" complex are, for the most part, on the hook. Developers have lots of experience, big bucks and big lawyers. The lesson? Beware and be careful about what you buy. A picture can be worth lots more than a thousand words. If in your sparkling new digs, there is a pipeless drain that goes nowhere but into the floor or wall, who pays for it? The condo owners own it now, and unless legal battles are fought and won, the owners pay the price to straighten out the mess. All of the owners, since they own the entire thing together. Be prepared for an increase in your fees. Read the condo act carefully. Most of the time, the developer is cooperative. He/she doesn't want a bad reputation. They plan to make a lot more millions and grab some respect for their name at the same time. They have reputations to protect. Prospective condo owners,  watch diligently and ask questions about the developer and the construction company. It could pay off.