Tips For Buying a Newly Built Condo

Buying a Newly Built Condominium?

There are vital issues to consider when buying a newly built condo:

  • Not all condo developers are created equal
  • It is safer to buy in a complex that has been completed, or is close to completion
  • If not complete, there is no assurance that the developer will complete it.  You may be trapped in a partially completed project.
  • Are there any lawsuits filed against the developer?  If so, it may cause the developer to declare bankruptcy, leaving problems unresolved.
  • Some developers cut corners to save time & money.  This may lead to poor construction and construction defects.
  • If the condo project is incomplete, the developer is involved in a lawsuit, inferior construction materials were used,  or there are construction defects, the complex may develop a bad reputation.  The Condo’s reputation will affect future market values and the ability to sell your unit.
  • Determine if assessments are artificially low in order to increase sales?  If so, insufficient cash may lead to a special assessment

Tips for Buying a Newly Built Condo

Pros:

  • The cost may be lower than a resale if the developer isn’t paying real estate commissions
  • A warranty on the construction is usually available
  • The condo is probably built with the latest features
  • You may be able to pick your own colors & countertops

Check on the Developer:

  • Are their other condominium developments sold out?
  • Do they have a good reputation?
  • How are they rated by the BBB?
  • How long have they been in business?
  • Talk to other condo owners and see if they’re happy or have any construction issues

Protected by Copyscape Web Plagiarism Detector

0