If you are thinking of buying a home, surely you want to find out about all the possible purchase options. One of these options is the presale real estate. Here, experts from Ebbets Field Apartment, a housing complex in Brooklyn, explain everything you need to know in order to decide if it is a suitable option for you. It consists of buying a real estate project that is still under construction, which is already for sale. That means, when you buy in presale you would buy a house that is not yet finished and ready to move into.
Many people like this option because the prices can be up to 30% lower than those of a finished real estate project. Developers sell presale real estate in order to obtain the necessary resources to finance the construction. The resources are obtained from an initial payment and monthly payments from the buyer.
However, real estate professionals from Ebbets Field Apartments, which is located on the former stadium Ebbets Field, indicate that there are some disadvantages of buying presale that you should be aware of:
1. Construction can be delayed. This would seriously harm your finances. Listen to the seller and appreciate the project, but before signing, take time to research the developer's track record for deliveries.
2. Verify the purchase-sale contract. Check that it contains completely and correctly the data of the house, as well as the technical specifications of design and construction. Also check the delivery date and clearly explicit penalties for both parties, in case of non-compliance.
3. Finishes. Real estate professionals from Ebbets Field Apartments (a home to a diverse community) indicate that it may happen that the developer has sold you an apartment or house with certain finishes and furniture, but upon delivery, these are of lower quality or not as they were described. Hence, it is important that the contract specifies the detail of the finishes and, if possible, even the brands to be used.
4. Amenities: Although it occurs infrequently, it is likely that the developer has considered a certain amenity during the presale, but when the work is completed they are delayed, modified by another or is no longer contemplated, as well as the finishes reviewed that the contract protects you from any eventuality.