Melbourne realtors often clamor to get an exclusive listing to sell units in a condo building the moment they hear that a new Florida development is in the works. They attract customers in the market for a newly constructed home by telling them that the earlier they buy, the better the price will be. They also let them know that they customize their unit. Even though it may seem ideal to buy a condo during the preconstruction phase, that’s not always the case.
Architects often complete their renderings of blueprints as part of a bid process to impress their clients (the developers). Sometimes they include awe-inspiring design effects that they expect to execute during the construction phase. While blueprints may be approved by developers, there’s no guarantee that city officials will agree to issue a permit without any modifications having to be made.
If a permit isn’t approved, then a developer will generally have their architect go back to the drawing board to make necessary modifications. This may result in the design changing considerably if necessary to get the blueprints approved. In some cases, they may even drop the one architect that they had contracted to design the building and hire a new one. No matter which one of these occurs, this can greatly delay construction and result in a different design from what you’d originally agreed to.
Many developers and realtors rely on early advertising to generate interest in a property. Sadly, prices can significantly drop as developers struggle to attain full occupancy for their units. When this occurs, they may choose to switch out more premium fixtures for less higher-end ones. Developers may even request to buy back purchased units at a reduced rate.
Condo buyers can take steps to minimize their risk of design plans being changed or having to sell back their unit. They can bring in an attorney at closing to help them negotiate their purchase contract. They can include contingencies that may cause a developer to forfeit a prospective condo owner’s deposit if they fail to complete all construction by a defined date. They may also be able to negotiate better maintenance fee rates, among other things.
