Posted on 06-29-2017 by Joe Marcotte
We want our customers and clients to be well informed when it comes to buying new construction in a condominium building. New construction can have some defects so don't believe all of the hype that there's nothing wrong with the building just becaus... Read more
We want our customers and clients to be well informed when it comes to buying new construction in a condominium building. New construction can have some defects so don't believe all of the hype that there's nothing wrong with the building just because it's new. You will be the first to break in the condo and find out anything if at all, is wrong with the property. Make sure you understand a few things before buying a condo.
First, analyze the rendering of the property. Nearly all new buildings will have some sort of renderings or drawings of what the building will look like. Avoid overpaying for some of the over exaggerated or even nonexistent features. Sure you ask about any tax abatements, which can save you money on your property taxes if the building was built to improve a derelict part of the neighborhood.
Ask about the developers past experiences. They well-established? Do they have a track record of completing well-built buildings? Are they familiar with the city zoning requirements and codes? Ask about negotiating for concessions and what happens if there is an error and who to go to for repairs. Although you don't want to think about it, ask what happens if you need to sue the developer.Sometimes you'll need to raise money with the other homeowners in order to do so, especially if it's a really big deal.
It's also important to have your own buyers agent. Most buildings will have a listing agent buyers agent that they have hired specifically to sell those condos. If you go with that type of an agent, understand that their main priority is to sell those condominiums, which might not be the best price or the best option for your needs. It's important to have an agent on your side the entire time so that your needs, budget is terms are prioritized.
If you're interested in buying in a new construction building anywhere in the Los Angeles area contact our office. We work solely with condominium, townhome and loft buyers and would love to put your needs and priorities first when it comes to purchasing and enjoying your condominium.