When you buy a property in pre-construction, there are several elements that you need to consider. Are you buying the property with the intention of living in it? Or are you buying it as an investment? If you plan to actually live there, then does it meet all your requirements when it comes to a place to live? Or are there some renovations that you will need to make? Here is a list of things to consider when you buy a property in pre-construction:
- How Big Is It? You need to consider whether the property is big enough for you and your family. And if you think anyone else might be coming to live with you, such as elderly parents, don’t forget to factor that in as well.
- Is It Within Your Budget? In general, it’s possible to get properties in pre-construction at cheaper prices than properties which have already been constructed. Still, it’s better to go under your budget rather than over it.
- Is It Close to Amenities? Is the property close to a grocery store, a laundromat, shopping, a gym or any other amenities you might need? Sometimes, the amenities might even be located within the complex.
- Is It Close to Schools? If you have school-going children, this is going to be important to you when you move into the home.
- Is It Close to Your Place of Work? This is probably one of the most important things to consider because you don’t want to have a very long commute to work.
- Does It Have the Luxury Elements You Want? Once you’ve made sure your home meets all the basic criteria, you can stop to think about the luxury elements you want in your home such as a view, proximity to the beach, a hot tub/Jacuzzi, a home theater etc.
- Does It Feel Right? Sometimes, you just have to trust your gut. If you feel good about the purchase even though you it hasn’t been constructed yet, then go for it. If you have some reservations, consider whether another property wouldn’t be better.