Many homeowners who are searching for their next home are continually choosing a condominium over the traditional single-family home. Both types of houses have their benefits, but more and more, condos are becoming more in favor with homebuyers.
As a private residence within a larger community, there are some distinct advantages condos have over single-family homes.
From their smaller, more manageable size, to the inclusive perks that many condo associations offer, condominiums are a great choice for those looking for their forever home.
Condo Sales are Increasing
As many home buyers know, the real estate market is booming. Even though the market is settling down in 2022 compared to 2021, condominium sales have continued to increase and show no sign of slowing down
New Property is Best
Due to the hot market, buyers tend to focus on new property as if it’s a shiny object. That can be good for condominium owners, because many buyers are ready to pay a premium for a new property.
If you are considering buying a condo, buying one new means that even in a couple years, you still have a fairly new property, compared to buying an existing condominium, where it can quickly become outdated and begin to depreciate in value, losing you money should you ever want to sell the property.
Pre-Construction Condos Boast a Better Buying Process
Many times, when buying an existing property, desirable condominiums can cause intense bidding wars between buyers, which can ramp up emotions and stress throughout the selling process. Many of these bidding wars end up with the purchaser making a very high offer with no conditions attached, like foregoing a home inspection.
On the other hand, when you purchase a pre-construction condo, you usually get a “cooling off period” that lasts somewhere between 1 to 2 weeks. During this time, you have the chance to review the property information with your lawyer, realtor, lender or financial advisor. You can also use this time to research the builder and development company to ensure this is a purchase you are comfortable with.
Getting in Early Will Get You a Good Price
If you’re considering buying a pre-construction condo, pulling the trigger and buying into the development early is a great strategy to get a good price on the property.
Developers know that the first buyers of their properties might deal with construction noise and activity, so they might offer incentives to homebuyers of the first few properties, including a reduced price.
A Growing Neighborhood is a Great Sign
When considering buying a pre-construction condominium, make sure to check out the local area. If the neighborhood the property is in is growing and thriving, constantly adding new businesses and amenities, opening new schools, and becoming a destination for recreation, that’s a great sign that home values in that area will or already are increasing.
Invest in Your Dream Home Today
If you are concerned at all about the value of a pre-construction condo, contact the experts at Seaton Place Condominiums today! We’re happy to talk to you about your wants, needs, and goals and answer any questions you may have.
If you’re ready to take the leap into buying your very own pre-construction condominium, we are here for you. Call us or contact us today to talk to an agent.
