Real Estate

Should you Buy a House Before, During, Or After Construction?

Buying a new house can be done before, during, or after construction. However, each of these steps of the process is associated with conditions and elements that should be taken into account. Plus, it is usually about timing. Sometimes, the best time to call for a Papachristou real estate brokers for buying property may depend on whether or not you are in a hurry. This post will help you understand your options if you choose to buy a house during a step of the construction process:

Before Construction

Buying a house before construction lets you save some money. This discount will increase if the marketer wants to sell units quickly to hit the target of sold units that financial institutions require to offer the financing necessary to start construction. This is the best moment to negotiate the price. 

If you decide to buy a house before construction, know that you are purchasing on paper. Surely, the sales rep can offer photos and 3D models on which the interiors and exteriors of the future house are simulated. However, the final product can differ from these images. You will easily expect the final house and know the materials to be used if the project includes model units. Thus, if you want to buy before construction, read the preliminary contract and the note that accompanies carefully. You might be able to find discrepancies between what is written and reality.

Moreover, buying on plan comes with the risk of delays or unplanned changes. But, the savings you will enjoy if you decide to buy before construction can be beneficial if you have established trust with the developer. You can often build this trust after a few verifications.

During Construction

If you decide to buy a house that is currently being built, you might not be able to request a change in how the rooms are divided. The benefit of purchase a house towards the end of construction is you could avoid unwanted surprises while being able to pick some things. But, you must follow the state of construction very closely. 

After Construction

Buying a house that has been constructed helps you will live on a construction site with complete earthwork. But, you should accept the unit as-is. In condominium projects, you should wait for the very end of the process to buy a completed unit and save money on the total price. Sometimes, the unsold units are liquidated for the developer to amass enough capital to move on to the next project. 

Leave a Reply