Many people looking to purchase a home in New York City opt for a condo instead of a single-family residence. The reasons for this preference are many. For example, most New Yorkers are social and prefer to live somewhere close to others.
Condos are also popular because they offer the chance to buy a home reasonably close to where you work or shop. If you are interested in buying a condo, we have a question for you. Do you plan to purchase one already built or, would you rather have one that no one else has ever occupied?
More reasons to consider a pre-construction condo
The opportunity to own a brand-new condo is not the only reason to consider one not yet built or still under construction. You can also reap financial rewards. For example, the purchase price for a condo is typically lower for those who choose to invest before construction. Other benefits of a pre-construction unit include:
- Depending upon the seller or builder’s policies, you may have a say in your unit’s color schemes, finishes and other custom details
- Pre-construction condos usually come with the latest technology, such as upgraded heating and air conditioning units, kitchen appliances and more
- It might be possible to spread your condo down payment across several months
- Not only is your unit brand new, but the entire structure is new and likely in pristine condition
All real estate transactions come with certain downsides unique to your needs and circumstances. A few possible cons of buying a pre-construction condo include:
- You buy it before you see it constructed.
- You may have to live in the building while it is under construction.
- You could face construction and other move-in delays.
Familiarizing yourself with New York property laws can help you protect your financial interests when buying real estate.