Pre-sales apartments often sell at attractive prices due to developers needing to sell a certain percentage of units to secure financing for construction.
Purchasers typically put down earnest money, which is subject to rescission periods, in trust accounts held by developers until construction has concluded and can no longer access these deposits.
1. Price
Developers frequently offer to buy pre-sales apartment Orewa and off-plan properties for sale to investors and speculators as a strategy to meet demand from potential homebuyers at lower costs than the resale market. One benefit to buyers could be accessing homes they desire in locations they desire at more cost-effective rates than could otherwise be available on resale markets.
New construction apartment buyers usually have the freedom to select their unit within the building and may customise certain aspects, like selecting finishes. However, new construction apartments in NYC usually incur higher closing costs due to seller and sponsor attorney fees as well as NYC/state transfer taxes.
Buyers purchasing pre-construction or off-plan properties often face an additional timeframe in which their apartment is complete, which can be frustrating. But if your patience pays off in terms of future capital appreciation for your condo in a desirable neighbourhood, waiting can pay dividends!
Buyers should pay careful attention to the square footage measurements of an apartment and ensure they are accurate. Some brokers and developers have been known to exaggerate measurements to make it more appealing for prospective buyers; these measures may include hallways and elevator areas within its square footage measurements or measure distances to adjacent buildings instead of its interior space.
2. Floor plans
Pre-sales properties are speculative investments that often require patience during construction (which could last two to three years). Furthermore, investing in pre-sale property requires faith that your investment will be appreciated during this period.
Many developers offer floor plans of buy pre-sales apartment Orewa to help potential buyers visualise what their purchase will look like once completed. The floor plans often include dimensions and closet sizes of rooms in a unit; buyers should study these carefully to ensure their needs are being met. For instance, bedrooms located close to one another may create privacy concerns, while bathroom doors opening directly onto a kitchen might cause issues. It is also helpful to take note of whether bedrooms face north or south for easier curtain placement decisions.
Once again, buyers can customise finishes such as bathroom tile, kitchen surfaces and wall paint colours to their tastes; however, scheduling delays could prevent this. Furthermore, buyers typically need to pay a deposit or down payment during presale; these payments are held in an attorney’s trust account until construction of the building has taken place – giving prospective buyers time to save up or secure financing before being released by developers.
4. Location
New York apartment buyers have long taken to purchasing pre-construction condos before construction even begins in exchange for a deposit that allows them to lock in price and choose finishes. Sometimes, developers need multiple sales in order to secure financing for a project; such agreements usually contain an “outside date” or deadline by which construction must be completed in order to honour the sale agreement and return earnest money payments. Such clauses should be adhered to when considering buying pre-construction properties.
5. No Maintenance Fees
With prices on the rise in New York City, carrying costs are a top concern for condo and co-op buyers. Condominiums often have maintenance fees that cover utilities, common area expenses like security and cleaning, property taxes, heating/cooling and gas, decorations and more.
However, buying a pre-sale apartment is a great way to sidestep this cost and save money on your purchase. This option is ideal if your timing for moving in is flexible and if you are willing to put up with a construction period.
6. Customisations
Buying pre-sale can be considered risky as the buyer is purchasing an apartment floor plan, not a finished property. However, this is often the case in the luxury market, where developers need pre-sales to ensure they receive financing for a project and that it will proceed to construction.