Condo living can be advantageous in many ways. Potential buyers, however, are faced with an arduous task of picking the right condo. For instance, you might be required to choose between already-built or pre-construction condos such as Midtown Gardens showflat. Apparently, some buyers fancy buying pre-construction condos for the benefits that they offer. However, committing your hard-earned cash to pre-construction condo comes with some risks such as project delays and variances in construction. Notwithstanding, here are some important facts to know when buying pre-construction condos.
They are Relatively Cheaper
One of the main perks of investing in pre-construction condos is the ability to get a lower price. Considering that most developers are out to hit a significant milestone in the early stages of the project, being early can qualify you for substantial discounts. The ability to buy early on condo developments is known as ‘schedule a pricing.’ And this is typically the lowest price availed to the public.
You Need to Consider the Developer’s Reputation
The developer’s reputation matters a lot when it comes to buying pre-construction condos. With a trusted developer, you are almost assured of ending up with a satisfactory product. Working with a renowned developer with a significant amount of equity assures you that they will stick with you in the long. For a fact, there are many cases where small-time developers abscond with monies raised during the pre-construction stage.
Expect Incidences of Delays
As much as a developer might promise a complete date with absolute certainty, you should always be open to the fact delays do happen. Although you might be working with a renowned developer, you should be ready to wait for twice as long as they promise. This means that the last thing you should do is to plan on a move-in date with absolute certainty.
You Can Negotiate an Outside Date
Since it is a known fact that most construction projects take much longer than expected, condo developers often offer buyers with an outside date. Most developers, thus, are always willing to settle for an outside date. This ranges from anywhere between a few months or possibly years. This provision gives you the ability to cancel the contract and get your money back in case the construction is not completed by the agreed date.…