Four Reasons to Buy a Condo in the Pre-Construction Phase
When you decide it’s time to start shopping around for a new condominium, you will be overwhelmed with the choices available to you. Miami and Ft. Lauderdale offer some of the most attractive condos in the world. There is so much to choose from. The array of choice can hinder your progress. Being able to find the condo that is just perfect for you and your lifestyle can be done with some work. So rather than sift through the condos already on the market, consider getting in on the hottest ticket in town: pre-construction condo options.
Here are four reasons to buy a condo in the pre-construction phase.
Pre-Construction Prices Are Better
Let’s just cut to the chase. The number one reason to buy a condo in the pre-construction phase in Miami is the pre-construction price. Condo builders set their pre-construction sale prices based on what they estimate it will cost them to build the condo. That savings is passed on to you and anyone else that decides to get in early. Your ability to negotiate on the price is also more effective in the pre-construction phase. Condo developers aren’t 100% sure what it is actually going to cost them to build these units. This enbles you can often get a good deal. Plus, you should know that many condo builds are based on a percentage of units sold before financing can be provided so if you act fast, you can score a good deal simply out of necessity.
Range of Choice
The second reason to look into buying a condo during the pre-construction phase is the amount of liberties you will be able to take in helping to design the condo. While modern condos are usually kitted out very, very well – because brand names are starting to associated themselves with these designer condos: Aston Martin, Porsche, Armani, just to name a few – you will still have more say over what finishes go into your condo than if you were to wait until the condo started construction. And obviously, purchasing a condo unit that is in an existing building with a previous owner means there will definitely be changes you will want to make. Even if you think the condo is perfect for you at the time; once you get settled, you will realize you want to make the condo more of your own. Pre-construction purchase means you can tailor your condo to your exact specifications.
Larger Choice of Units
Another compelling reason to purchase a condo pre-construction phase in Miami is the choice of unit you will have. Often, the price is based on location, but when you are one of the first to invest in a pre-build condo, you can have the most choice of location, view, and parking options. Luxury condos in Miami and Ft. Lauderdale provide some of the most amazing views and amenities in the country. You’ll want to get in to speak with a sales development specialist as soon as possible, so you don’t miss out on the spectacular views and units that are available. When you visit a pre-construction site, there will be models and lots of dramatizations of what the condo will look like inside and out. Imagine yourself standing and looking at your view as you sign the papers to make your pre-construction purchase official.
Pay In Advance
This is the fourth and final reason. Although there are many more reasons to purchase a condo during the pre-construction phase. The ability to start making payments on your purchase right away is highly attractive. The only downside of pre-paying your residence is that you will be months or possibly a year away from moving into your condo. Ideally, you will be able to work it out with your financing company or bank. This will make payments on the construction loan. This is not always possible. Depending on the bank you build with, but it is a good idea to look into it. So by the time you move into your new condo, you could have already paid one full year of mortgage payments. At the very least, you’ll be able to pay the interest on the loan. Even if you can’t make full principal payments, you’ll be covered. This will make it easier for you to manage the final construction loan. When it rolls over to a mortgage on the closing of your new condo, you’ll be ahead.
Don’t wait to purchase your pre-construction condo today. Prices usually don’t drop for these high-end projects. Every day you wait means less choice and less flexibility to make your condo ownership dreams a reality!