Is a Pre-Construction Condo in Hudson County the Best Choice?
I have often been asked by clients searching for a Hudson County condo what is the difference between purchasing a pre-construction condo and an existing one. If you have ever wondered about the same thing, I am going to explain the differences and similarities so you have all the facts to make a decision.
Considerations When Choosing a Pre-Construction Hudson County Condo
If you are going to opt for a pre-construction condo in Hudson County, Hoboken or the Hudson River area over an existing condo, what do you need to know? There are some questions you need to ask yourself, including:
- Do I want to buy a prime piece of real estate before they sell out?
- Do I want to take advantage of possible free upgrades?
- Am I interested in owning a property with possible substantial appreciation?
- Do I want an alternate investment opportunity?
- Would I like to have up to three years to make plans for covering my closing costs?
- Do I want to purchase a Hudson County pre-construction condo now before demand raises the prices?
If you answered yes to one or more of these questions, then you may be ready to purchase a Hudson County pre-construction condo, but you need to consider all the options before we move forward.
Is a Pre-Construction Condo the Right Choice For Me?
This may be a great opportunity for you to buy into a Hudson County condo in a prime location and at a lower cost, but are there any cautions you should regard? You should consider that because the unit is not constructed yet, some unforeseen troubles may arise. Some things to reflect on include:
- If the developer is not able to sell all the units, there may be a stall on the project, which would affect my resale value if I am buying to resell and make a profit.
- Even though the builder has set the price, he/she can reserve the right to change the price in the contract
- The developer will submit all Hudson County condo documents to the state for approval and after approval I will need to review them carefully to make sure I am comfortable with all the decisions. Once I sign off, changes may not be possible.
- If I have completed the balance of the down payment and signed a contract, I only have 7 days after that to back out without a penalty.
- I will want to research the developer to make sure they will complete the project based on their previous track record.