Pre-construction condo is a big investment for any person. So, one has to be very careful and informed when purchasing it. There are certain myths that people have regarding its purchase. It becomes necessary that you learn all the facts and get the right information about it. This will help you a lot in your decision-making process.
They are quite expensive
Many people believe that a pre-construction combo costs too much and so it is not affordable for middle-class men. As opposed to this belief, Rocco Basile, a leading construction agent finds it to be very desirable and affordable option as compared to a freehold home.
The abundance of its supply has made it relatively cheaper and so attracted the attention of many first-time buyers into its market. Many stores provide affordability calculator that will tell you how much it is going to cost you according to the suite options you choose. By increasing and decreasing the features and functionality you can align it with your budget.
To make the right purchase, it is very important to learn about your financial capacity. To decide your budget/spending capacity, you need to consider your monthly income, monthly payments towards clearing debt and down payment to get a clear-cut idea of how much is affordable to you.
You have to do an endless wait to get your condo ready
People have this opinion that buying a condo at the time of the planning and development phase, will take a lot of time to get ready. It is not true in all the cases. One of the reasons for such happening is when the hired builder is inefficient, inexperienced and incapable one. Thus, to get timely delivery of your condo it is very important to choose the builder that is reputable and also has a strong track record.
Another reason that can cause delay is labor strikes, and bad weather conditions. These things are out of control of the builder. Thus, when planning to buy a condo, always check the builder’s history and track record to ensure he is reliable and professional. Rocco Basile is one of the most recognized and trusted builders in NYC.
Purchase of condo requires one to pay 20% deposit
You need not always have to pay 20 percentage of the significant cash price of the condo suite at the time of purchase. There are several quality and genuine builders who do not need a lump sum payment. You are allowed to make the payments over a span of fifteen months. Also, the deposit is completely protected under the Condominium Act.
Rules and builder approvals help in prevention of fraud and ensure the security of your deposit. Once you make the deposit, you do not need to fear of losing the deposit under any circumstances.
Conclusion
These are the several commonly believed myths related to the buying process of a condo. Hope this information has been useful in uncovering the truth behind these myths and giving you the real picture.