Buying new construction has its perks. You might get more of a say in the home’s design and amenities, there could be a warranty to protect you in case of repairs and, most importantly, you get a brand-new place that’s move-in ready.
But the process of buying new construction or predevelopment varies by property type. A custom single-family house won’t have the same purchase process or considerations as a condo or co-op unit.
Ask these questions when you’re preparing for the latter so you can be sure your new development unit is the right fit for you.
How much can I customize it? Some developers have only a handful of upgrades and design choices, while others let you customize to your heart’s content. Make sure you know how much say you have in the property’s construction before buying in.
Where will my unit be? Get an idea for how many neighbors you’ll have, what your views will look like, how much natural light to expect and more. These details will all play a role in your comfort level once you move in.
Who else is buying? Ask about other buyers in the development. Are they families? Young professionals? You want to know that you’re buying in a building you’ll feel at home in.
What shared amenities will there be? Most developments come with shared amenities: gyms, pools, rooftop patios, office centers and more. You should also ask if it’s a mixed-use property with retail and dining.
Are there any extra community costs? You’ll likely need to pay an HOA or co-op fee, but be sure to ask about any other charges you might need to pay as an owner.
If you’re buying a new construction unit, we’ll also discuss your need for a real estate attorney. Together, we can help ensure you make the best decisions for your long-term goals.
