Why you should buy a pre-construction condo

Why you should buy a pre-construction condo

November 21, 2018 Off By Danny White

If you are thinking of buying a condo in the near future and you are faced with the difficult task of choosing a preconstruction or a pre-sale unit. Whichever decision you make, there are pros and cons to it. This article seeks to highlight a few benefits of buying a pre-construction condo.

Customization

There is always a satisfaction that comes with being involved in every bit of development, from design all the way to finishing. With the help of the builder, you control the design process and ensure that your wishes are included in the whole project. Here, you get a product that is fulfilling and which you are proud of. Many home buyers find a lot of satisfaction when controlling every bit of design while working alongside the builders. Thus, you have no regrets whatsoever with the finished condominium and you’ll be better placed to assess the ultimate price.

Prices

Purchasing a property like a condo is quite a stable investment. This is because, in the first few years, like five, the property begins to appreciate. Thus, you might have spent a fortune in the purchase but very soon, you’d get back your money with a high profit margin. Again, a pre-sale condo is a preference for many buyers since these are sold at a base price without the appreciation costs and this definitely means the price is decent.

No renovations

Most of the resale units would in one way or the other need some renovations here and there. You probably don’t like some part of the finishing or you need to re-do the interiors and such. This can be quite a daunting task and at times may leave your accounts in the red. With a pre-construction unit, you’ve been involved in the entire construction process and therefore you don’t need any renovations for the first ten, or so, years. In case, you notice something that might need fixing, the builders would do it free and this reduces on costs a great deal.

Mode of payment

With a resale unit, most sellers require a down payment of 20% to avoid Mortgage insurance. This can be quite a stretch on your finances, especially where you don’t have your finances in order and you’re required to pay something close to $60,000 on the spot. With a pre-construction unit, you can agree with the builder on paying the down payment in installments. Thus, you have an opportunity to save up before the next installment.

Incentives

Most condo builders offer incentives to attract prospective buyers. This could be something like additional space in the building or even some household appliances. Again, there is an opportunity for you to negotiate with the builder and this could save you some thousands of dollars. Buying a pre-construction is such a heavy investment that you need to explore all way through which you can save a dollar. Compare as many as possible, find out the incentives that each builder is giving and choose the best without compromising on the other key parameters.

It’s now clear how a pre-construction unit can benefit you as a buyer. If you are looking for a pre-construction condo today, head on over and check out Acondo projects. They are offering the best units in the trendiest neighborhoods and this gives you an opportunity to acquire your dream home.