Buying a new house can be pretty exciting right? Many people prefer to buy preconstruction houses because of the numerous advantages it provides. You can customize according to your will. The best part is you get them at a much lesser cost than a completed house. After the completion, you can also sell it off if you want to and that would give you a good profit too. So, buying a home during a preconstruction stage can also be considered a good investment. Here are some of the guidelines you need to follow while planning the buy.
Visit the project site
Visiting the sites of the chosen project should be the priority. It not only gives you an insight into the neighborhood but you get to see the actual project and by observing the ongoing work you can get an understanding of the amenities that particular project might be offering the buyers. You also get to have an idea of the future commercial growth of the area.
Consult a good agent or a broker
This is necessary for any home buyer. Consulting a good and reliable real estate agent or a broker will give you the option to choose from many ongoing pre construction Toronto projects that they already know of. You can walk into a developing site and visit the onsite office and ask for a deal on the property. But the agents will work in the interest of the developers. So there’s very little chance for you to get a favorable deal. But if you choose a reliable broker, then he is going to approach the developers thinking of your benefit. He would act in your interest and would surely land you a good deal.
Builder’s reputation matters
This is also very crucial because by choosing the right builder you can be sure to get the handover of the property within the mentioned time. So any buyer must acquire knowledge about the reputation of the builder and also their completion record. You can check the local homebuilder’s forum. Pay a visit to the completed projects and talk to the people there to get a clear picture from their experience. Your broker might be also able to guide you if they have prior knowledge of working with the builders.
Pay a visit to the model home
Every under-construction sites have a model home. Take a tour of it to know what you can expect after the project is completed. Also, decide whether you would require any remodeling or up-gradation other than what they are providing as that would affect the value of the property.
Negotiate even if you are happy with what they are offering
This works only for preconstruction projects. So, take full advantage of it. The developers would be eager to sell off as many homes as possible. Even if you are contented with what you are getting, negotiate the price. Your agent can help you with this. If you see that you cannot lower the price, then ask for a discount. It would help you make up the closing cost or the expenses of the up-gradation.
Conclusion
Whichever preconstruction project you may choose to buy from, you must consider certain lifestyle factors too because you won’t be buying a house but also will be joining a neighborhood.
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