Buying Pre-Construction? Here's What You Need To Know!
Have you ever ordered a pair of shoes online, obviously without trying them on, only to get them and be completely disappointed? They don't fit, the colour isn't as it looked online and the material is cheap and breaks easily?
This can be a similar issue when purchasing a pre-construction home. You walk into a beautiful showroom that answers all your questions as far as details and finishes but are you getting exactly what you want?
Here are some reasons why you should consider involving a real estate agent in a pre-construction home purchase.
1) Negotiation and Fine Print
Much like any re-sale home purchase, the real estate agent's job is to negotiate prices for you. Letting an agent navigate the contracts will take the stress away from you signing something you are unsure of! With pre-construction, this is very important when it comes to the details you want versus the details the builder is trying to sell you.
2) True Value
As expected, you want a beautiful home, but those fancy showrooms are usually the TOP END of elegance and not something included in the price. Without an agent present, it's easier for the sales person to convince you to upgrade more than you should. An agent can give you the truth behind the value of your upgrades. Sometimes it's cheaper to upgrade once you're in!
3) Due Dates
This seems to be a common problem with pre-construction - when are you actually going to move in? Delays can really mess up your plans, especially if you need to sell your existing home first, or get out of a lease. With unexpected delays, you may find yourself homeless. An agent can negotiate terms that would ensure you are not left in the dark should a delay occur. It's always great to involve the same agent to sell your place and buy your new place should the homes be in a relatively close location. - keep everything under the same file and schedule.
4) Stress
Unlike the $50 pair of shoes you bought online that are disappointing, this is a much bigger purchase and can be completely overwhelming. An agent's job is to take the stress away and make this an enjoyable experience. Let them do all the back and forth for you!
5) Well Connected
If you are needing a loan, a lawyer, insurance documents, letters, or even making decisions on construction questions that you have no experience in, an agent is well connected and can direct you to the proper people.
At the end of the day, it's always better to have the support and a second qualified, honest opinion. This is probably the largest financial decision you will ever make and doing it sight unseen makes this purchase even more uncontrolled.
Bring a Real Estate Agent with you and eliminate some of the unknowns. It's peace of mind and it's smart, and it doesn’t cost you anything out of pocket when purchasing.
For more information on purchasing pre-construction real estate feel free to contact
Greg at anytime.
