Buying a Pre-Construction Condo
When buying a pre-construction condo, it is important to pay close attention to the purchase agreement. This document lays out important information, including the disclosure statement and the by-laws of the condominium corporation. A lawyer who is familiar with condominium law should be consulted when negotiating the purchase agreement. One of the biggest benefits to buy pre construction condos is that you can save money on home improvements and other expenses. The developer usually increases prices as the development progresses.
In addition, if demand is high enough, you may be able to assign your contract and make a profit. The typical deposit structure for pre-construction condos is 15% to 20%, spread over 18-24 months. This makes it easier to save for the deposit and gives you more time to prepare for the closing. The remainder of the purchase price will be paid to the builder once the condo is completed and occupied.
If you do decide to purchase the best pre construction condos, be sure to follow-up with the project's construction progress. It is not uncommon for projects to experience delays. This gives the buyers more time to close, giving them leverage in the property market. The typical pre-construction development requires a 20% down payment, but you can also get a rebate if the project is delayed by more than a year. If you do buy a pre-construction condo, make sure you find a realtor with experience in this type of project. These people know which questions to ask, and they also have inside information about the areas where pre-construction condos are available. They can help you choose the right building and layout for your needs. Pre-construction condos can be an excellent investment and second home. Be sure to buy from a reputable developer with a good track record. The amount you pay in pre-construction can easily double in value once the project is finished. This way, you can sell it for a significant profit. Before buying, make sure to carefully examine the unit floor plan.
Some builders may make minor changes to the layout of their units and amenities. Some changes might be made to accommodate a structural beam or an elevator. If this is the case, you can negotiate a floor space agreement with the builder. You should also consult a lawyer before finalizing a purchase agreement. The final product may differ from what you originally thought it would look like. Look for more facts about real estate at http://www.dictionary.com/browse/real-property.
