Ownership of property is one of the achievements in life. Among the many investment options, one can consider buying a condo off plan. This means that one gets to choose their choice of the floor plan and the features they want so that they get what they want from the design chosen which will meet their different expectations. Below are some of the tips to consider when buying a condo off plan.
Timing and pricing
Buying a condo off plan is one of the ways of ensuring that one gets a discounted price. One can make a price comparison to make sure that the price being given is discounted compared to buying the other kinds of condos. You should ensure that you get the unit early since at this point they can be guaranteed a discount. Once the other units are complete, then the prices will be different. One’s commitment to making an early purchase will allow them to buy off plan before the foundation is set.
Before making a purchase one should do more research on the developer as well as the builders and the architects. The building being put up should be done by professionals who have delivered quality work to their previous projects. This ensures that one gets quality work done.
The location of the condo
When buying a condo off plan, location is a great deal. One should choose a prestigious location which will guarantee a safe return should one think of selling it in future. The good areas tend to attract higher prices but are a worthy investment. Even if the condors are not finished, they will be worth a lot after the construction works are done.
Read and understand the contract
Before signing the contract, one should take their time to read it to ensure they have gotten all the details contained therein. If one has trouble understanding some clauses in the contract, they can consider having an attorney interpret the terms for them. Among the important things to look out for include the cooling off clause. It is a clause which gives one an opportunity not to sign the contract due to any reason. It gives one time to read the contract and do a thorough scrutiny before committing to it. This is important as it helps to keep one’s mind at ease.
Other things to look for in the contract are the details of the plans that one has selected as their favorite. This will be a reference document should the condor be finished and some of the details are missing that were in the contract. It will help one have what they want rectified to be as per the contract. One should also read the clauses on the deposit, inclusions, and warranties as well.…