Understanding How The Pre-Construction Buying Process Works
Thinking of buying a pre-construction condo in Park Grove Miami? It’s a good choice, as there are plenty on offer and they all have features you’d love to have. If it’s your first time buying one, it’s hard to know what you should do when buying a pre-construction home. This guide has everything you need to know, so you can buy in confidence.
Decide If Pre-Construction Is For You
Before you even think about buying a certain home, you’ve got to decide if buying pre construction is right for you. There are certainly a lot of benefits to doing it. Pre-construction homes are usually in the best areas and offer views and locations that you just can’t get anywhere else. If you get in at the right time, you’ll also see that the price can be drastically lower than an existing home.
However, there may be some things that put you off. For most people, it’s the fact you can’t see the home before it’s completed. Of course you’ll have blueprints and show homes to take a look at, but these won’t be the home that you’re buying. Developers are working out ways around this, such as offering virtual reality tours of the home, but still many people aren’t comfortable signing for a home that’s not done yet. Be aware if you’re not happy doing this, and look elsewhere for your new home.
Buy With A Trusted Developer
You’ll see that there are several developers working in Park Grove right now. If you’re going to buy a pre construction home, you need to buy from a developer that’s tried and trusted. For example, the Park Grove pre construction condos for sale are built by highly experienced developers, so you know you’re in safe hands if you buy from them.
If you see a development that you like the look of, take a look at the developers. You can easily research them online, to see what else they’ve worked on in the past. What kind of things do they offer to their buyers? Are they a safe company to buy from? Ensure you’re confident in the developer before you sign on the bottom line.
Ensure You Have Enough For The Down Payment
If you’ve never bought a pre construction home before, then you’ll be surprised to see how much will be needed in a down payment. In resale homes, you can pay as little as 5%, depending on the property and your home loan deal. However, with a pre-construction home you’re looking at 20% on average. If you have your heart set on one, then you’ll need to ensure you have that cash.
Be aware though that often, you won’t need to put all that money down at once. Developers will often take 5% up front, then take the rest of the down payment at certain times. Talk to the developer to see what the plan would be here.
Be Ready For Delays
One of the things that puts people off pre construction homes is that there could be delays in the construction of them. When you buy a resale home, you’ll know exactly when it will be ready for you, as it will be when the previous owners move out. However, you’re waiting on the pre-construction home to be built, and that could take longer than you’d think. Things such as bad weather can push back your move in date.
If you’re set on buying a pre-construction home, ensure that you’re ready for delays if they happen. If you’ll have to move out of your current home before the new one is completed, do you have a plan? You’ll need to be able to move in with a relative or friend, or rent a place short term until you can move in. If this is feasible, then you’ll be in the right place to buy a pre construction home.
Be Aware Of What Will Cost Extra
When you were shown around the show or model home, you’ll have seen lots of things that you should expect to come with your finished home. However, there will also be lots of things that are actually extras that can be bought as upgrades. When you’re in the process of buying your home, make sure you’re aware of what’s going to be included with your home. You may find that some of the things you were admiring were actually upgrades.
When you know what upgrades are available, consider how they would fit into your budget. Is that upgraded counter top finish in the kitchen worth the extra cost to you? If it fits in the budget, then include it. If not, you’ll need to decide whether that upgrade affects the home you buy.
Ensure Your Home Is Inspected
Once the home is finally completed, you’ll find that inspections will take place to ensure it’s ready to be inhabited. At this point, it’s a good idea to send your own home inspector in, just to ensure that everything is present and correct. This will give you peace of mind before you start moving everything in.
These are all the basics you need to know before buying a pre-construction home. With this info, you’re ready to invest in a brand new home that has everything you need. You’ll be so glad you did once you’ve moved in.