Buying a condo still in its pre-construction phase is one of the most significant investments you can make. First, the building has not been constructed yet. Therefore, you buy something based on the concept of how it will look and how it will be. You also pay for amenities, maintenance, and upkeep when you buy a condo. Therefore, taking time, scrutinizing the investment, and looking at the different factors before you buy is critical. Unfortunately, not everyone is comfortable buying a pre-construction condo, primarily because of misinformation and myths. If you are having trouble believing that buying a pre-construction condo is a significant investment and a great choice, we will clarify some myths for you and uncover the truth behind them.
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They Are Not Affordable
There is this notion that only the rich few can afford to buy a condo. It also says that an average person cannot buy a condo because of the high price. However, this idea is not valid. What matters is a condo is one of the most affordable housing options. There are numerous choices of units you can choose from. The developer has a website with an affordability calculator that you can visit. Furthermore, they present you with options that fit your needs. Therefore, you can make your financial statistics to calculate the amount you can afford to pay for a condo.
You Have to Wait for a Long Time
When a condo development project is in its planning and development stage, there is a common belief that it will take years to complete. While some projects have taken more time than expected, it is not the norm. You must ensure you buy from a reliable and reputable developer like The Design District and have a great history of completing projects on time. While some inconveniences may delay a project, builders and developers try not to make a big difference in the timeline.
You Do Not Know What You Will Get
The reason why some people are not sure about what they will get is that they don’t know the developer well. If you buy a pre-construction condo from a well-reputed developer and one who is well-respected, there is no need to worry about getting a suite that is short of your expectations. What you need to do is to look at the track record of the developer and samples of their previous project. You must also explore various aspects, like the floor plans, finishes, amenities, and surroundings. Ensure the developer has years of experience and builds projects that align with your needs.
You Get a High Bill at the Closing
Many people are surprised by the closing bill because they did not consider the overall cost of owning a condominium. You must know that purchasing a condominium is more than the mortgage and deposit. You will also factor in utilities, maintenance, taxes, etc. There are also other closing costs like meter, warranty fees, transfer taxes, legal fees, administration fees, and development levies that you must consider.
These are four popular myths about purchasing a condo in its pre-construction stage. It is essential to be equipped with the correct information to make the best decisions. So, visit the sales center of the developer and get all your questions answered.