Buying a pre\u002Dconstruction home is one way you can get into the housing market. It generally requires a smaller down payment, and you get to
Whether you’re buying a pre-construction build as your first home, or are looking to purchase one as an investment property, both Ramautor and Khimani have advice you should consider.Ramautor advises using caution when considering a pre-construction home. Be aware that the developer could cancel the project, and you could have missed investment opportunities by having your money tied up in the build.
Pay particular attention to the current housing market, and ensure you’re not over-extending yourself.Pre-construction builds let you secure an asset while giving you time to build your capital to pay for additional payments and other costs. Be sure to fully understand what will be required of you when the closing date comes, and how long you have until that date arrives.Get to know the area where your pre-construction home is being developed.
Ramautor also emphasizes the importance of understanding hidden costs. He stresses the need to consider additional costs that may be faced with levies, infrastructure development and other such elements. If you’re purchasing a condo, he also advises accounting for condo fees, and how these may rise by the time construction is completed.Ramautor and Khimani both agree that having a knowledgeable Realtor work with you when looking for a pre-construction home is critical.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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