Practical Tips to Consider While Negotiating With the Developer ofa New Condo
If you have decided to buy pre construction condos for sale, thenstart your search in the new communities. You may have already chosen the community, which you find appropriate to live in. If there are some doubts in your mind and that is why you have not signed the contract yet. It does not matter at which stage you are in the process of buying a home; it is your right to get the best price possible.
Factors responsible for pricing
This plays a significant role if your chosen community is a the prime location within the city.
- Cost of the land
It is natural if the land cost in that community is higher, then you are more likely to pay a large amount of money in comparison to other communities.
- Size of your chosen home
If you have chosen a big house, then obviously you have to pay a big amount of money. Other factors, which may enhance the cost of your home is the building material, labor costs and other conditions.
- Market conditions
This also plays an important role because when there are a few people willing to purchase the units, the price of the condominiums will go down. In case of scarcity, the price will shoot up.
People who are buying a resale home should remember that they have to deal with emotional attachment of the owner. The emotional attachment is not a part of the equation when you are buying from new homebuilders.
Be realistic and prepare to walk away
Stick to your budget and do not cross the limit at the time of pre construction condos for sale. In case of crossing the limit, you have to face its repercussions. Remember you need to show the developer that you have a predefined budget and you will not cross it. If you find your dream home with the perfect location and features, then you can compromise a little on pricing. Always have a reasonable expectation while negotiating.
Most of the sponsors will ask to pay 10% at the time of signing the contract. If your unit is in the reconstruction phase, then the sponsor may ask you to pay a 15% mark. In this situation, it is more likely to sit on your deposit until the unit is complete.
If you are buying a home for the first time and you do not have any negotiation skills, then you may not be able to strike the best deal. This is because real estate developers and their staff members are professional sellers. In order to gather more experience and polish your negotiation skills, contact a real estate agent.