Choosing a new place to live is no small task. When you are shopping for a new home, especially a forever home or a home to downsize to, there are many factors to consider, making the process exciting in the best of times and stressful in the worst of times.
Buying a pre-construction condo is a different process than buying a resale condo, or even a traditional single-family home. Custom homes offer home buyers the chance to purchase a brand new property, lock in a great price, and compete with fewer buyers – a great advantage in today’s hot real estate market.
Once you choose the perfect condominium location, the buying process starts. It may seem daunting, so this blog will outline the steps to give you a better understanding of what to expect.
Prepare Ahead of Time
It goes without saying that preparing for a purchase is a big task. Before buying, give your personal finances a “health check,” because nothing will set you up for a smooth experience more than being prepared. Speak to a lender about how much you can afford to spend, and speak to the real estate agent of the condominium you are buying so they understand your situation.
Choose Your Pre Construction Condominium
This is the fun part. Visit the condominium sales center, meet with an agent or sales consultant, review the floor plans and pricing, and choose your new home!
At this stage, you’ll be able to look at home layout options, designs, color schemes, materials, add-ons, upgrades and more so you can customize your pre construction condo to your personal preferences. Pre construction condos offer you the chance to build your dream home, so have fun with it.
Sign and Pay a Deposit
Once your choices have been made and you are content with what your custom home will look like, comes the time for signing papers. The agent will work with you during this process to ensure you understand everything that you are agreeing to – purchase and sale, disclosures, addendums, timeline of construction, and more.
Once you pay the deposit, that money is kept in escrow until you close.
Now that you signed on the dotted line and paid your deposit, you can sit back and relax while construction takes place – all you have to do is get excited! You will always be kept in the loop during every step of the construction journey so you know exactly what’s going on.
This step in the process is also good for home buyers because you have the time to save your money before closing, which could potentially mean lower interest payments in the long run.
Before you close, the developer will invite you to inspect your condo to make sure everything is in order and built exactly to your liking. This is the first time you’ll be able to walk through your new condo, which is a very exciting step for home buyers. You can make notes and speak with the construction team at this step in the process.
The closing process is relatively fast and efficient since you worked with an agent every step of the way. They will let you know early on in the process exactly what documentation is required, which could be credit history, pay stubs, and W-2 forms, for example.
You will also have been given a summary of the closing costs, so you know exactly what to expect to pay on your closing date.
Once you close, congratulations! It’s time to move into your beautiful new condominium. This can be the most exciting step, but moving also takes time and coordination.
You’ll receive your keys, moving date, and information on moving in: contact information, how to set up utilities, Internet, phone, and more.
Once you move in, you can relax and get settled into your new home at your own pace. Meet your neighbors, check out the neighborhood, visit the local area, and get comfortable in your new home.
Start Your New Life with Seaton Place Condominiums Today
If you want to build the space of your dreams and fully customize it to you, a pre construction condo is the perfect choice for you. Tailor the home to your wants and needs and design the home to your exact liking.
If you’re ready to take the leap, our staff at Seaton Place Condominiums are here for you! Call us or contact us today to talk to an agent. We’re always here to answer any questions you may have.