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Buying a preconstruction condo in Miami can be an attractive investment for several reasons, from potentially lower prices to modern amenities and high resale value. Here’s a breakdown of the process and why it’s a smart move:
Choose a Project and Location:
Miami has many developments in popular neighborhoods like Brickell, Downtown, Edgewater, and Miami Beach. Choosing the right location based on your goals—such as rental potential or long-term appreciation—is key.
Review Floor Plans and Pricing:
Developers typically release a range of units with varied floor plans and views. Most preconstruction projects offer tiered pricing: early buyers secure units at lower prices before increases as the project nears completion.
Make a Reservation and Deposit:
Once you select a unit, you’ll make an initial deposit to reserve it. The deposit schedule usually follows a phased approach, for example:
10% at reservation,
10-20% at contract signing,
10-20% at different stages of construction (such as groundbreaking, halfway through, and top-off),
50-60% at closing.
Sign a Purchase Agreement:
This legally binds you to the purchase and includes the terms, projected timelines, and any provisions related to completion delays or potential changes to the floor plan.
Stay Informed During Construction:
Developers often share updates on the project’s progress, and some may even allow buyers to select finishes, like flooring or cabinetry, to personalize the unit.
Final Walkthrough and Closing:
When the building is ready, you’ll do a final walkthrough to ensure the unit meets the contract’s specifications. Closing follows, where the remaining balance is due, and ownership is transferred.