New construction condominium projects are popping up all over the Boston, bringing vertical living and beautiful new communities to the city. With sustained housing demand, we are seeing most buildings pre-sell the majority of their units (if not all) before construction is completed. Buying new construction can be a great investment, however here are some tips you should follow before you do so.
#1 Work with a Real Estate Agent
This cannot be emphasized enough... Although buying a brand new home may seem more straightforward than buying a 50 year old home, you'll want to work with a real estate agent too make sure you're getting the most of your investment. The best agents have inside information and negotiation tactics to make sure you get the best value for your property.
#2 Don't Limit Your Options, Shop Around
With new buildings being constructed in almost every neighborhood of the city, don't be scared to shop around. With dozens of options as your disposal, it's important to find the building and property that best fits your needs and lifestyle.
#3 Customize Your Condo
Most new construction buildings will offer various pre-construction options for buyers such as finishes and hardwood flooring. Be sure to ask what customization offerings each of the building has to make sure your property is most tailored to your needs.
#4 Negotiate Add-ons
An increase in new residential construction projects, will bring more competition between buildings. This can also result in more flexibility from developers to negotiate add-ons. Whether it's a parking spot or extra storage, speak with your agent to see if there is any flexibility to negotiate.
#5 Do Your Research on the Developer
Research the developer's past projects and talk to homeowners who have purchased in those buildings. Some developers may have happy and unhappy customers from their past projects, however looking for trends in their online reviews and bringing up any concerns with your agent can help you prevent a major headache post-purchase.
#6 Look into the Future
Take a look at what the city is planning for the area surrounding the building. If you are buying a 39th floor condo for its spectacular views, you'll want to make sure those views are there 5 years from now. Always research what traffic plans and developments are coming to the neighborhood as they could have a drastic impact on the value of your property in future years.
If you have questions or considering a new-construction purchase in the Boston area, please reach out to me by email, firstname.lastname@example.org or by phone at (508) 525-9990.