Miami – a tropical paradise where the sun never sets. It is teeming with amenities and recreational centers that continue to draw in more and more people from various states and tourists from abroad.
During the Florida’s real estate boom, people with different backgrounds settle in Miami. Despite the slowdown of Miami’s real estate during the economic crisis, many people still prefer to move to Miami because of its good number of affordable homes and non-existent income and estate taxes.
The increasing demand for properties in Miami has spurned the need for developers to offer new construction homes. Many of these newly built properties offer exquisite finishing and modern furnishings that are fully customizable depending on the needs of the buyer.
Most Miami new construction homes are a good catch because they are often sold at cheaper prices particularly when they are still at the pre-selling stage.
Before buying any new construction home, make sure that you are fully informed on the things that you need to consider before committing.
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New Construction Tips
Buying a new home is not a walk in the park, but it can be close to that if you study up on home purchasing in Miami. If you are thinking of buying homes that are at the pre-selling stage or are new constructions homes, there are a few things you should consider and do before handing over your hard earned cash for one, and here are ten of them.
1. Check floor plans
When you check the floor plans that are presented to you, take note of the direction doors to swing in these diagrams. Also, take note of the floor area of the home and the number of rooms that are in the sketch. If you are being presented with a 500 square foot home with two bedrooms, you should realize that this is too small.
Diagrams can appear big to you, but in reality, when these homes are made, you might end up with cramped spaces if you do not pay proper attention to what you are buying.
2. Check ceiling heights
Another thing that you need to check is how high ceilings will be. These are sometimes not included in the information you are given about the home you are interested in. When you check out a model unit, you may also be presented with one that has a higher ceiling than the actual home you are buying.
Ask your agent, or whoever is showing you around the model unit, what the exact ceiling height is in order for you to know just how airy and spacious your home will be.
3. Don't equate a model unit with the finished one
Always remember that model units are styled to show possible buyers a home that is at its best. It’s like a person going out on a first date – best foot forward, dressed impeccably, and all groomed. Model units often have the best fixtures, best lighting options, and even expensive furniture to show prospective buyers just how spectacular it can be.
Imagine the model unit without all the furniture, and if possible, ask your agent to show you one that does not have any furnishings and is not finished to give you an idea as to what to expect when you get your new home.
4. Research the developer
Not all developers are as reputable as others, and even then, some of the more popular real estate developers have a few unsatisfied clients. In order for you to find out whether the company building the new condo or home you are thinking of buying can be trusted, check online for reviews, ask real estate agents, and even home owners that have bought homes built by these developers for feedback.
You can also check for forums, testimonials, and even news articles that talk about these builders to get an idea about their work.
5. Always have everything in writing
Never go with a handshake deal because people can and often get the short end of the stick when it comes to these kinds of deals. When you are told that your home will have certain features, make sure that these are written down in your contract and not just promised off-hand when you check out the property. A promised parking space, better faucets and sinks, and even the scheduled delivery of your unit should always be included in the contracts that you and the builder sign.
While they may be sincere when they make the promise, these can be forgotten if these are not written down, so make sure that these are in writing to avoid this problem.
6. Explore the neighborhood
You might like the house or the condo building, but what about the neighborhood it is in? Are there conveniences nearby? Is public transport accessible? Is the neighborhood safe? Walk around the neighborhood to get a feel for the place and trust your gut feeling when you check out your surroundings.
The building or structure that you are thinking of buying may be the best you have ever seen at its price, but if the neighborhood sucks, it may not be worth considering.
7. Look beyond an artist's interpretation
Visiting the website of the developer will show you numerous artist renderings of the home you are considering. Before you get caught up in the hype, always remember that an artist’s interpretation may not be what you actually get when the home is finished. This is usually an embellished and stylized version of the actual home you are buying and should be taken with a grain of salt.
You should lower your expectations when you look at artistic representations of these homes and imagine these units without the furnishings that are sketched into the design.
8. Read the fine print
For any contract that you plan to sign, reading the fine print is always the best advice you can get. If you are not sure what the fine print actually says, do not hesitate to take it to your lawyer so that they can explain these to you in layman’s terms. Do not sign anything that you are not sure you understand.
Some of the stipulations in these contracts may not be to your liking and actually protects the builder more than the homeowner, so a careful checking of these contracts is in order.
9. Don't be afraid to ask questions
It is imperative that if you do not understand the layout, payment terms, overall design, and other stipulations that come with buying a new construction home, you ask about it. Ask what you want to ask about fixtures, ceiling heights, building dues, amenities, and your rights as a homeowner before you sign on the dotted line. Buying a home, after all, is no small feat, and you are entitled to the answers to all your questions.
Also, make sure that you do your research regarding home purchases in order to ask the right questions, which in turn will help protect you from ending up with a home that is not what you expected.
10. Get a good real estate agent.
An agent is your best friend when it comes to buying a new home, and this is because they are hired by you and is not a representative of the builder. In short, they will work in your best interest and not that of the builder. Real estate agents also know how to filter out the homes that do not fit your specifications, so you also end up saving time in finding the home that you will buy.
Just make sure that the agent is not associated in any way with the builder to ensure that they are indeed working in your best interests.