1. FIND THE RIGHT AGENT
When purchasing new development, it’s imperative to hire the right agent. It’s vital for an agent to be experienced with new construction and have knowledge of the various builder/developers in the area. Buying new construction comes with its own set of risks and rewards. For one, unlike buying an existing home, you are buying off renderings and floor plans. As great as these visuals are, they don’t give a full picture of the area and future changes. Is another home or building in the planning phase that will block your view? Will the 10th floor get you high enough to see the water? Aligning yourself with a local expert is immensely helpful during this process. Keep in mind: Not all real estate agents are equal. Selling resale is very different than new construction and many agents aren’t familiar with the nuances of a new construction projects. For example, the purchase and sale agreement is generally more to the benefit of the developer rather than the purchaser. Construction time frames are increasingly important so knowing a definite commencement and completion schedule, as well as if penalties will be applied if those deadlines aren’t met, are but a few of the many factors you need to consider when buying new. An experienced agent will help guide you successfully through this process.