6 Of the Top Reasons Why Buying a Pre-Construction Condo Is So Appealing

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A pre-construction condo is a great way to purchase the property you desire at an affordable price while improving your investment over time. When purchasing, you are essentially buying a property that is not yet built or designed but will be once the initial phase has been completed. Buying a pre-construction condo is becoming more and more popular these days. So, what are some of the main reasons why it’s so appealing to people? What makes a pre-construction condo a desirable choice for home buyers. Here are six of the top reasons why purchasing pre-construction condos are incredibly appealing:

The Price Is Right

One of the biggest advantages of buying a pre-construction condo is the price. By choosing this option, you can buy what will eventually be your dream home at a fraction of the cost. Pre-construction condos are much more affordable than buying a brand-new condo unit because the builder requires only the materials, he needs to construct just one building. There is no need for expensive designer appliances, tile backsplashes, or custom cabinetry that will be used in multiple buildings constructed at different times throughout the development. If you are looking to acquire your dream home and enjoy life in Downtown Miami, then buying a pre-construction property is worthy of your attention. Moreover, when you purchase a pre-construction condo, you are getting a great deal on the price.

Low Maintenance Fees

Have you ever heard of condo fees? If not, are you looking for a house that does not have some hefty monthly fee tacked onto the price? Well, buying a pre-construction property can help you avoid this problem entirely. Condos that are sold before they are even built do not need these types of fees because there is no association to maintain the grounds or amenities. You also do not pay any management fees with condos that haven’t been completed yet, since these services do not exist until the structure is finished and the homeowners’ association (HOA) is created. While year-round maintenance costs may seem like they are worth it when choosing an already-built property, these fees can really add up through the years.

Home Warranty

You just bought your brand-new condo unit that is ready for you to move in right away. The last thing you want to think about is all of the repairs that are going to come with owning this home because it turns out there are many more than you would like. This scenario happens way too often when buying a home; however, buying a pre-construction property can save you from this stress entirely. Many pre-conditions come with a one-year warranty on appliances and other costly items like plumbing, heating, and electrical systems. That means if something were to break or stop working during this time frame, the builder is responsible for the repairs.

Staying On Top of Trends

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One of the most attractive aspects of pre-construction condos involves being able to purchase a new home before it becomes mainstream. You can get in on all of the trends early without having to worry about your neighbor down the street getting that great new idea first as you did. Not only will you be able to buy what is currently popular, but some developers even put exclusive styles or designs into their projects, knowing certain buyers are looking for this unique style more than others. Pre-condos allow you to stay up with all of these new trends and styles while also buying items at lower prices since they are not yet mass-produced.

Higher Value Than an Already-Built Property

One of the main reasons why home buyers choose to invest in pre-construction condos is because they know this structure will quickly increase in value. According to Forbes, choosing a pre-constructed condo unit is much more beneficial than buying an already built property because you are getting into the market at its lowest point, which increases your return on investment significantly over time. Another survey by BILD reported that condos are also more affordable for first-time buyers who are looking to get into the housing market without spending too much money upfront on a new construction home. Many people do not realize how quickly prices can rise on new properties, but with proper renovations and upgrades, it’s possible to double or even triple your initial investment when you choose to sell.

The Developer Will Handle the Marketing

Is there anything worse than having to market and advertise your home for sale yourself? When you purchase a pre-construction condo unit, the developer will handle all of this headache and work for you, which saves you time and money. You can sit back, relax, and wait for the right buyer to come along without worry; however, make sure to thoroughly read over any paperwork before signing on the dotted line because some companies may include exclusive rights in their contracts where they alone can sell your property once it is ready for market.

Every homebuyer should invest in pre-construction condos at least once in their life because these properties come with many unique benefits that are hard to find elsewhere. Whether you are looking to save money, live a trendier lifestyle, or just get your foot in the door of the housing market, purchasing a new condo unit before it has even been completed provides many opportunities other homes can’t offer.

 

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About the Author: Brian Novak