Buying Pre-construction Lofts & Condos

by : Andy Asbury

There is major trend in the condo buying world of purchasing units in a building long before they have even started the construction. There are some great benefits to the purchase of pre-construction units. Let's examine some of these benefits in closer detail.

To start, usually these units are extremely competitively priced during the pre-construction phase. Condos, like any home appreciate over time, however trends have shown that condos appreciate at a remarkably rapid rate. So once the building is complete, you can expect the prices of the units to skyrocket. This translates into a great investment for people who "get in on the ground level" of new developments. Another interesting aspect of this kind of purchase is the fact that many complexes sell the units as "designer ready." Designer ready implies that it will be up to the owner of the unit to choose the interior design as the units are basically an empty shell without appliances, paint, fixtures, counters or cupboards.

Now, most developments will have struck deals with certain designers or firms that will offer owners a variety of interior packages. Typically this can involve any number of different materials for floors, counter tops and cupboards with many options for fixtures and of course you can personalize the paint. If you are looking to create you ideal space; personalized in every way, then a designer ready condo is the ideal purchase.

Be mindful of whether the unit you are looking at buying is completely ready to be decorated as some units come drywalled and ready to go and some do not. Be sure to get in writing from the developer exactly what is included in the purchase price and what is not. No win consultation with the design firm you have selected or that the builder has recommended, be sure that you see artist renderings of everything that is to be done to your blank slate. You should never give the go-ahead on anything until you have seen what it's actually going to look like though drawings and computer renderings. This is an essential step in ensuring that your color selections and general design choices work and create the theme that you have been imagining. This is your opportunity to create you dream condo, good luck!