5/23/2022 0 Comments Buying a Pre-Construction CondoWhen purchasing a pre-construction condo from the Pierre Carapetian Group, there are some things you should consider. These are both the pros and cons of buying a pre-construction unit. Depending on the market and the need for housing in the area, pre-construction condos can be good investments. However, it is important to remember that this is not always the case. Read on for more information. Also, don't forget to inform your broker of the purchase. Pre-construction condo deposits vary by project. The deposits may be as high as twenty percent, or as low as five percent. Depending on the building phase, buyers may pay a 15%-to-twenty percent deposit at the time of signing the Agreement of Purchase and Sale (APPS). The balance is paid to the builder after occupancy. A 20% deposit is typical for a resale condo. If you don't have the money available for a 20% down payment, you'll still have the option of purchasing a pre-construction condo. When buying a pre-construction condo, make sure to negotiate the total price. Some developers will offer incentives to make the sale. Ask the developer for a reduction in the price if you can get free parking or a free car lease. If you can get a resale value for the condo, it's worth considering. But be careful - a lot of unscrupulous builders may try to take advantage of you. Hence, make sure to have a lawyer review the purchase agreement to ensure that you aren't liable for any additional fees. A one-bedroom condo should have no more than five thousand dollars in extra fees. A two-bedroom condo should be closer to the seven to eight-thousand-dollar mark. Click here to get more info related to this topic. A pre-construction condo purchase agreement is binding and will typically include a 10-day cooling-off period. This allows time for you to review the contract with your lawyer. After that, the contract is final. Condos are often large projects that require lots of time and effort. When you buy a pre-construction condo, you'll be making a substantial investment. You'll have a lot of time to make decisions and will want to have an attorney review the contract before purchasing. To familiarize yourself more with this topic, it is best that you check out this post: https://simple.wikipedia.org/wiki/Condominium.
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