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Buying A Pre Construction Condo: The Ultimate Checklist

May 24, 2019 5:27 pm  /  News

There are so many reasons why you should pick a pre-construction condo, rather than a resale one. You can get a brand new home that’s been customized to your liking, usually for a very good price. Buying a pre-construction home is slightly different than buying a new home though, so you’ll need this checklist to guide you through the buying process.

Decide Whether A Pre Construction Home Is For You

Before you even start looking at new homes, you need to decide whether a pre-construction home is right for you. There are lots of benefits to buying one. For example, you’ll be living in a great location, such as the Botaniko luxury homes in Weston, FL, which are located near many areas of natural beauty. You’ll have access to lots of great amenities, and you won’t have to worry about renovations for a long time.

Be
aware though, you won’t be able to fully see what you’re buying until
its finished, and your deposit will be tied up during the
construction period. If this works for you though, it’s time to go
ahead and look for the perfect home.

Start Shopping Around

Now you will be looking around at different condo developments, to see which one is right for you. When you’re looking around, remember to ask questions to get a good understanding of what a development offers. For example, you can ask how the building will appreciate, what extras are included if you want them, and what different floor plans are offered. Don’t forget to look at what the city is planning to do in the area in the next ten years. How will this affect you and the way you live?

Decide On Your Time Frame

When
buying pre construction real estate, you’ve got to remember that you
moving in any time soon. If you get in early and buy the best condo
in the development, you’ll be waiting a while for the project to be
finished before you can move in. If you have time to wait, then a pre
construction condo is a good bet for you. Factor this waiting time in
when you’re thinking about buying.

Don’t Forget About The Cooling Off Period

When
buying a pre construction condo, you actually have a cooling off
period. This is usually around 10 days, and if in that period you
decide the condo isn’t right for you, you can get your deposit back
with no penalties. Ensure you get a real estate lawyer to check over
your contract to ensure you have this right before you sign.

Be Prepared For Delays

If
you’re buying from an experienced and reputable developer, then they
will be upfront with you if they’re about to experience any delays.
These can happen for all sorts of reasons, from inclement weather to
city safety codes. Be prepared for delays on your home being
completed, and have plans in place in case that does happen.

Watch For Changing Condo Fees

Most new homes in Weston FL will charge condo fees, to cover the maintenance of the building. This covers things like cutting lawns, maintaining buildings, paying staff, and so on. When you move in, they can be quite low. Be aware that they are likely to rise, as the development works out just how much it costs to keep the building in good condition.

Remember The Closing Costs

Finally,
you’ll have closing costs to consider before you move in. You want to
ensure you have money set aside for this before you move in, so you
can cover everything. These usually include fees like utility hook up
fees, lawyers fees, warranty payments, and more. Read your paperwork
carefully to ensure you know what you’re paying for.

This
checklist will help you get through the buying process for a new
condo smoothly. Soon, you’ll be in your brand new home, and you’ll
wonder why you ever lived anywhere else. Start shopping around now to
see what homes are available in your area. With so many developments
going up, you really do have your pick right now, so don’t delay.