Purchasing a pre-built condo is predominantly advantageous. It is economical than going for a condo that is ready for occupancy. Being tactical when selecting your pre-built condo will go a long way in addressing all these problems. Here is a complete guide that will enable you to purchase your pre-built condo.
Consider the Pricing
One of the most significant advantages of purchasing a pre-built condo is the ability to acquire it cheaply by being early. Most sellers offer reduced prices for early buyers since they are after hitting milestones first to show extensive growth to their financiers. Always take advantage of a pricing schedule to earn yourself a low price.
Consider Allowed Variances
It’s vital to be cautious about construction variances on the offering plan. Shady developers take advantage of these variances in the drafted documents to rip off buyers. Most programs offer about five percent on several vital factors. Always ensure that your metrics don’t get below five percent.
Negotiate Closing Costs
Purchasing a pre-built condo requires a lot of negotiations, especially when dealing with a weak market whose developers are more concerned about keeping lenders happy and offloading inventory. This allows you to bargain on building linked closing costs as well as the mansion tax charged.
Check Your Developer’s Reputation
When purchasing your pre-built condo, your developer’s reputation is a must check. Whether you’ll have a satisfactory outcome or end up in court is sorely dependent on the status of the developer. You are at the mercy of the developer when it comes to the punch list fixes and repairs.
Prepare for Setbacks
Pre-built condo purchases may take months or even years sometimes to close; therefore, buyers can be served by the buyer with a close notice by surprise. According to law, construction contracts can be closed once certain conditions have been met, such as acquiring an occupancy certificate. A person is then given a thirty-day notice before the closing date, which can be inconveniencing if one is out on vacation.
It is, therefore, vital to request your lawyer to negotiate for twelve or fifteen days’ of adjournment rights without any penalties. To avoid unnecessary disappointments, always be prepared to wait at least twice as long as you expected. Do not be desperate to move in within a specified period. Purchasing a pre-built condo requires patience.