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Condominium construction is a close to $63 billion business in the United States. These properties are popular because they offer the benefits of luxury apartment living, along with some equity and ownership.
Buying a pre-construction condo provides even more benefits. We’re happy to guide you so that you feel empowered to make a purchase. . Consider the points below if you’re in the market for buying pre construction condos for sale in your city.
What Is a Pre Construction Condo?
First – what’s a pre-construction condo? Condominiums are properties that typically feature multiple units inside of a single building, similar to apartments and townhouses. They generally have high-end, luxury features.
Unlike apartment living, buyers finance and own condos, much like a single-family home purchase. Pre-construction condominiums are unique because you purchase them unbuilt, claiming a space for a future unit.
This differs from purchasing an existing structure that is publicly listed. New construction homes cost approximately $500,000, on average, so make sure to have a budget when exploring a pre-construction condo.
What Are Some Pre Construction Condo Benefits?
Going the pre-construction route can bring innumerable benefits. For starters, you’re the first and only person to live in this condo, so everything is fresh and brand new. Consider some other advantages that you’ll love:
- Buyers can work the builders and designers to customize the home
- It’s a cost-effective way to get a brand new property
- You’re free to make upgrades, like new bathtubs and re-doing the kitchen
- Purchasing pre-construction gives you a huge return on investment (ROI)
- You buy into a new and thriving community
New construction condos are also often built in the best and most attractive parts of the city. This is great from a lifestyle and equity point of view.
How Can You Find the Best Pre Construction Condo?
After crunching the numbers, talk to real estate agents who list the best pre construction condos in the area. They will point you toward some properties in your budget range so that you can get on a waiting list or make an offer right away.
Take some time to discuss the property with the builders, and look through several diagrams and customization options. Sit down with an agent at your bank or credit union to lock in the best 15-year or 30-year mortgage, with premiums and interest rates that make sense for you.
Even though you’re buying a pre construction condo, hire an inspector to check it out, and conduct at least one walkthrough before closing. Ask the company if they can cover the closing costs as well to sweeten the deal.
Map out a plan for how you’d upgrade the property over the next few years so that you’re always considering equity.
Buy Pre Construction Condos for Sale
Buying pre construction condos for sale is an intelligent investment that also upgrades your quality of life. Tired of renting? Experience the joy of homeownership by first considering the information above.
We’re also the go-to resource for more real estate information. Begin with these points so that you can close on your first condo home.