Define the residence before the shortlist.
A pre-construction residence is a contractual future product. The project site may show a design vision, while the signed agreement defines the rights, deposit schedule and change provisions.
Three checks that change the answer.
Confirm the current stage directly with the developer.
Map deposits and escrow provisions.
Budget for a changed delivery date.
Review what is being promised
Ask the developer for the latest offering documents and current project stage. Have independent counsel compare the unit plan, finish schedule, deposit terms and permitted changes to your expectations.
- Confirm the current stage directly with the developer.
- Map deposits and escrow provisions.
- Review substitutions, deadlines and termination terms.
Compare a future home with today’s alternatives
Projected association costs and service descriptions are estimates. Compare a future unit’s timing and flexibility with an inspectable resale or delivered residence.
- Budget for a changed delivery date.
- Compare proposed costs with adopted resale budgets.
- Confirm lender requirements for your planned financing.
Make the comparison specific.
Treat delivery, specifications and projected charges as questions for the actual offering and contract.
Treat delivery, specifications and projected charges as questions for the actual offering and contract.