What is your New Year's resolution?
Are you thinking about purchasing a home or investing in real estate? If that is the case, have you ever considered buying pre-construction property?
Currently, we might experience some atypical circumstances in our economy, especially the housing market. However, it is important to note that these circumstances are temporary and will not persist indefinitely. Expert suggest that there are multiple reasons to contemplate purchasing a home, these reasons range from the potential for property value appreciation to the location selection. Today, we will explore the benefits of investing in pre-construction properties and why it may be an ideal choice.
- Lower Price
Purchasing a pre-construction real estate property presents an incredible opportunity to secure a home at a more affordable price compared to a fully finished, ready-to-move-in residence. Developers frequently provide pre-construction prices that are lower than the eventual sales price.
- Higher resale value
The resale value of pre-construction units is often higher than that of existing homes because buyers are often willing to pay more for a brand-new home. As a result, pre-construction units can be a wise investment choice, regardless of whether you intend to sell before or after construction is finished.
- More time to save for a downpayment.
You can take your time to save up for your down payment. When you decide to purchase a property that is not yet built, there is typically a gap of several years between signing the contract and the completion of construction. This allows you the opportunity to save up for a larger down payment, which can lead to a lower mortgage rate and long-term savings.
- Choose your unit’s location and view.
You have the privilege to select the best location and view for your unit. For instance, you might have the option to select a corner unit, which offers additional windows and abundant natural light, or a unit with a more captivating view.
- Security
Pre-construction properties give you peace of mind with warranties, inspections, and financing options. Developers make sure your investment is protected by offering construction warranties. You can also have inspections done while the building is in progress, and many developers even provide convenient financing options to help you secure a mortgage with ease.