- 1 1. Research and Compare Different Buildings in the Area You Want to Live in
- 2 2. Picking A Developer for Your New Construction Condo
- 3 3. Check Pre-Sale Price and Payment Terms
- 4 4. Manage Your Expectations
- 5 Tips When Making an Offer for Pre-Construction Condos
- 6 Get Your Miami New Construction Condominium Today
New construction condos in Miami are a great way to get into the housing market, especially if you want to live in a specific city or neighborhood.
Prices for these types of condos are usually lower than purchasing an existing home, and you also have the opportunity to customize your unit to your taste.
In Miami, many pre-construction condo buildings are going up, especially in Downtown Miami, Bay Harbor, Islands, Miami Beach, and Sunny Isles And since there is such a large selection, it can be overwhelming trying to choose which building and units are suitable for you.
This article will give you four tips for buying pre construction condos in Miami to make the best decision for yourself and your family.
1. Research and Compare Different Buildings in the Area You Want to Live in
Miami is a hotspot for new construction condos, so you want to make sure you are doing your research on which building is right for you.
You can do this by going online and reading reviews or talking to someone who has already bought a unit in the building you are interested in.
It’s important to compare different buildings because they will all have other amenities, price points, and layouts.
This way, you can find the perfect pre-construction condo for you and your family while also getting a great deal
2. Picking A Developer for Your New Construction Condo
In Miami, many different developers are constructing new condos. Some of these developers have an excellent reputation and have been in the business for many years.
On the other hand, some developers may be new to the scene and may not have the same experience or backing.
That’s why you must do your research on the developer before signing any contracts.
A reliable developer ensures that you are offered quality units, which usually include considerations in design and structure.
In addition, a good developer will also have a sound financial plan to complete the construction of the building on time and without any issues.
3. Check Pre-Sale Price and Payment Terms
Pre-sale prices for condos are typically lower than the prices of existing units. Developers offer these prices as an incentive to buy early on in the construction process.
Sometimes, these offers even come with flexible payment plans. For example, you may only have to put down a 10% – 20% deposit with the remaining balance due at completion. Then the rest of the deposit of 20% -50% of the Purchase Price will come with a payment schedule that many times can be negotiated with the balance at closing.
It’s important to compare different pre-sale prices and payment plans before deciding.
4. Manage Your Expectations
Since pre-construction condos are usually bought before the building is completed, managing your expectations is essential.
This means you should be aware that the unit you purchase may not look exactly like the model unit or the renderings that you saw when making your decision.
It’s also important to remember that construction timelines can sometimes be delayed, so your unit may not be completed by the expected date.
However, as long as you are aware of these potential issues, you can purchase a pre-construction condo with confidence, knowing that you will eventually get the keys to your perfect home.
Tips When Making an Offer for Pre-Construction Condos
If you think you’ve decided on your new construction condo unit, getting into a deal with the developer is fast and easy. Below are the main steps you’ll have to follow to turn your real estate dream into reality.
Check Your Finances
Before making an offer on a pre-construction condo, you want to make sure that you are financially prepared.
This means getting pre-approved for a mortgage and having a down payment. You should also have money set aside for any unexpected costs or delays.
You don’t want to be in a position where you are scrambling to come up with the money needed to complete the purchase.
Visit Your Developer
When you find a pre-construction condo that you’re interested in, the next step is to visit the developer’s sales center.
Here, you will be able to learn more about the project and see the model units. You will also be able to ask any questions that you may have about the condo.
The sales center is a great place to start when making an offer on a pre-construction condo.
Sign and Pay
If you decide that you want to purchase a pre-construction condo, the next step is to sign and pay the reservation agreement.
This agreement secures your unit and gives you a set period of time to get your financing in order. It also outlines the terms of your purchase.
For example, the agreement may state the price of the unit, the expected completion date, and the down payment amount.
Before signing any agreement, it’s important that you review it carefully. You want to make sure that you understand all of the terms and conditions.
You should also have a lawyer look over the agreement to ensure that it is in your best interests.
Get Your Miami New Construction Condominium Today
Everyone wants to enjoy the fruit of their labor, and this also applies to significant financial investments such as buying Miami pre-construction condos. New construction projects offer unparalleled advantages should you buy in early.
Additionally, now is an excellent time to check out the Miami real estate market. There are active development projects across the Sunshine State, from Miami Dade County to Broward County. Whether you’re looking to gaze at the sprawling city skyline or the sands and sea at South Beach, there are sure condos fit for your taste.
If you’re looking for new construction condos, make sure to work with a trustworthy agent who knows the ins and outs of Miami condos. Contact Sildy Cervera today and we’ll help you find the pre construction condo you’ll soon call your home.
1000 South Pointe Dr # 100,
Miami Beach, FL 33139