There are so many new buildings popping up throughout San Diego the buying a new condo is a possibility for many homebuyers right now. When looking at new buildings, you might think there's nothing wrong with them but actually, the opposite is true. Consider buying a new car; nobody has worked out the kinks and so you are the first one to experience any issues or design errors. The same goes for condominiums. Construction, materials, and architecture all play into whether or not you've purchased a good building.
When purchasing a brand-new condominium and you are the first to live in the building, there are some questions to consider and ask either your listing agent or your buyers agent.
Ask about the "outside date". If the building is completed by its due date, you could receive your down payment back should you choose to. That date is called the outside date. If you choose to stay you might be able to negotiate a slightly earlier outside date.
Ask about the developer and/or builder. Is a well-known in the area and familiar with city codes and building requirements?
Ask about closing costs. Often times buying a brand-new building will have additional closing costs that you would incur from an existing resale building. It's important to know all the costs involved and fees before signing on the dotted line.
What about amenities and concessions? These might be hidden perks or bonuses that builders or developers could give a buyer. They won't affect the sales price but they could save you money. Be sure to ask, because you just never know.
Are there any building extras that you have to pay for? Many times extras or amenities are an additional fee. This could include golf membership or equity in a certain club or simple things such as using the pool or game room. Ask about these additional fees and if you're willing to pay for them.
Ask about tax breaks. Some tax abatements on it buildings will allow buyers a kickback from purchasing a home in a building that is replaced an older, more rundown neighborhood. This could cut your monthly property tax bill, and maybe significantly so it's important to ask.
For more information on buying a new construction condo building in downtown San Diego call our office today. Browse the website for details and listings or contact me at any time.