A Guide to Making Smart Real Estate Decisions About the Location of a Potential...
Frequently Asked Questions
FAQ about Pre-Construction
- Research the market and determine your budget.
- Find a real estate agent who specializes in new home sales.
- Visit sales centers and model homes to explore different options.
- Choose a home or condo that meets your needs and preferences.
- Sign a purchase agreement and provide a deposit.
- Work with your lawyer and mortgage lender to complete the transaction.
- Finalize your mortgage approval and secure financing.
- Conduct a pre-delivery inspection to identify any deficiencies.
- Pay the remaining balance on the purchase price.
- Receive the keys to your new home or condo and move in.
- Some builders offer customization options during the pre-construction phase.
- After the closing, you may be able to make minor modifications, such as painting or installing new fixtures.
- However, major structural changes may not be possible without the builder’s approval.
- Monthly mortgage payments, including principal and interest.
- Property taxes, which are based on the assessed value of your home or condo.
- Condo fees, if applicable, which cover the maintenance of common areas and amenities.
- Utilities, such as electricity, water, and gas.
- Homeowners insurance, which protects your property and belongings.
- Modern design and features, such as open-concept layouts and energy-efficient appliances.
- Customization options, allowing you to personalize your living space.
- Warranty protection, ensuring that any construction or design issues are addressed by the builder.
- Access to amenities, such as gyms, pools, and community spaces.
- Potential for appreciation in value over time.
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