10 Tips for Buying New Construction Condos – Buying a brand-new condominium means that you will be the first to live in that unit, is always a good thing? Just like buying a new car, you will be the first one to break it in and discover any errors, mistakes or building flaws. Are you willing to take that chance and the risk that there may be some issues you have to deal with?
Here are 10 Tips for Buying New Construction Condos in Panama City Beach.
#1. By from an experienced developer with a good reputation for the area.
Many of the buildings in Panama City Beach were constructed by similar builders. Make sure they have a reputation for doing things by the book, adhering to local city zoning regulations and have a reputation of building solid buildings.
#2. Talk to your agent about a mortgage contingency and funding contingency.
Mortgages can be tough when it comes to new construction and condominiums in general. If the developer owns more than 30% of the units in a new construction mortgages might be even more tougher to come by. Talk to the developer about a preferred lender within balance the pros and cons between other lenders as well.
#3. Ask how many units are already sold or in the presale.
Ask about units that have already closed and whether or not you can talk to and homeowners. This will give you a good idea as to how many people are really satisfied with your purchase.
#4. Ask about nontraditional closing costs.
Most of the time you’ll have title insurance, property tax, and other closing costs but you want to talk about transfer taxes and any other fees that might be included that will be different from a normal condo sale or a single-family house sale. Sometimes you’ll have to pay for additional security deposits, attorneys fees, insurance costs, or even the superintendent’s apartment. Important to know all of these additional costs before finalizing.
#5. Ask about the renderings of the property and how closely they match the completion.
Renderings, or drawings, of the projected building, sometimes are little over exaggerated from the actual building. Take note of the type of finishes, fixtures, appliances, and materials used and ask if they’ve cut corners or use something completely opposite of what they promised.
#6. Get an inspection.
Just because this is a new property doesn’t mean you can waive the home inspection nor should you. There are a lot of ways that contractors can cut corners and you want to make sure that you’re getting your money’s worth and a solid investment.
#7. Ask about outside date.
Most condominium buildings have a projected completion date but if you are way past that, ask about how you can get your earnest money back or a down payment returned or if you’re willing to negotiate for a lower price because of the misrepresentation on closing dates.
#8. Ask about any restrictions when it comes to renting your property.
In Panama City Beach there may be restrictions from building to building as to how many can be rented out and for how long each month. If the building does not meet the needs that you are looking for, it’s important to know that now instead of after you’ve closed on the property.
Read More: 2 Myths Holding Back Home buyers
#9. Ask about tax abatements.
A tax abatement is a tax break for building a new construction property in an older or derelict part of town. You might get property tax reductions or other perks simply by purchasing a unit in the building.
#10. Don’t neglect the final walk-through.
That final walk-through will let you inspect everything including any issues corrected on the home inspection, final viewing, and make sure that the home is ready to be lived in. If there’s anything out of order it’s important that you take care of this now before you sign.
For more condominium information, buying tips and all things Panama City Beach condos browse the website.
Affiliates and Associates: