Are you considering buying preconstruction?
Here's what you need to know and how it works.
A pre-construction project is available when developers release units that you can purchase before and during the construction. In this way, you will be able to benefit from first-stage prices. The delivery time ranges from 30 to 36 months depending on the project.
First, you must choose between the projects available on the market. After you make your decision, it is important to sit down with your Realtor® to revise the floor plans, amenities, and terms of your offer.
STEP 1
The first step is to reserve a unit, then you will be able to move on to signing a contract once the developer is prepared to deliver the contracts. Once you sign a contract you will have 15 days of rescission period, within this time you can cancel the contract with no penalty or continue until the project is ready to be delivered.
STAGES OF PAYMENT
You can reserve a unit with a percentage of the purchase price this percentage will vary depending on the project. Usually there will be four stages of payment, a % when you sign the reservation agreement, another % at Groundbreaking, another % at Top-Off, and the remainder at closing. The percentages amounts will vary depending on each project payment schedule or deposit structure.
CHOOSING YOUR UNIT
Most developers will set up a sales center or a model unit so you can get an idea of how the new home will look. There will also be detailed floor plans and renderings available to visualize your potential space. Since this is a new build, you'll sometimes will be able to choose specific items, such as the color of your cabinets, your kitchen countertops or flooring or you might even be able to make changes to the layout.
A Realtor® with knowledge of the preconstruction process and preconstruction market- very different from general real estate- will deliver information that will give you the tools to make the best decision.
Ready to make your next move?
Contact me for more information on the process to buy pre-construction and to receive information on the projects available.
