Buying new, newly built property, which has not yet been inhabited by any resident, is the ideal dream of anyone looking for their new home. As the property is ready, it is quite different from buying an apartment or house on the floor plan, where the buyer will pay during the construction period. It is also different from buying a used property, where you will live in a residential unit that has already been occupied by other families.
- Start by checking the inspection visit before buying a new property
A new property offered for sale at quadwalls website has been bought by someone. It may have been an investor who took advantage of the construction period to have his money valued at the time of handing over the keys. So far everything is ok, the return on investment is part of the real estate market.
It turns out that apartments or houses when purchased for the purpose of resale, do not always have an inspection done with all the care of those who will live in the place. And as the survey approved by the owner is necessary for the delivery of the property, it may not be as well done.
- Meet the construction company before buying the new property
Before buying a new property, it is worth trying to understand which way it will reach you and ask:
- Why is this property for sale?
- What conditions made this property considered an opportunity and not a trap?
- Was this unit simply not sold during the construction period?
- Did a former owner, with financial difficulties, return it to the construction company?
- Does the property have any legal obstacles to purchase such as pledge, inventory or auction?
For all these questions, your broker must have the immediate answers and be able to inform you about the property’s history. Even so, it is worth checking the reputation of the construction company and even the condominium both in consumer protection agencies and on websites and forums.
- Don’t buy a property without visiting it: even if it’s new!
Many new properties are put up for sale again by the construction company because, unfortunately, the owner is unable to pay the installments or even get into financing. Almost always, they are good business for those who are able to pay for it.