What are the advantages of working with a Realtor when buying a preconstruction home?
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A Realtor can give you access to preconstruction projects that have not yet reached the public market. Hiring a Realtor like me, who has access to preconstruction projects before they are sold in the public domain, will give you more options from which to choose.
Floor Plan Analysis
A Realtor can help you understand the floor plan, such as figuring out, “Will my queen-sized bed fit into the bedroom?”
MLS Access (Comparables)
A Realtor can help you understand the current selling prices of homes that are similar to the one you are thinking about buying in the preconstruction phase. Builders usually price their properties with the future market value in mind, so re-sale homes that are currently selling will likely be lower in price than the asking price of the preconstruction home, but your Realtor can also provide data about the appreciation rates of similar homes in the same neighbourhood. With this extra data analysis from a Realtor like me, you will then be in a better position to decide if you are willing to pay the asking price of the preconstruction home.
If you are planning to rent the home out to tenants, then I can help you to understand the market rents for similar-sized homes in the same neighbourhood. We will be working with current market data, and projecting rents into the future; together we can estimate your future cash flow on the property.
Assistance with Pre-Delivery Inspection (or, “PDI”)
The builder will likely limit the number of people who are allowed to attend the PDI, but if you wish to use one of the spots for your Realtor to attend with you, then you can. With a Realtor like me there to support you in pointing out any deficiencies in the home and ensuring that they get mentioned on the builder’s PDI Form, you are more likely to have those deficiencies resolved prior to taking possession of the property.
For a second-opinion, just ask me about the colours or finishings that you have selected. I can help you choose those that suit your personal style, or that are desirable for re-sale, depending on what is important to you.
There is no cost to a buyer hire a Realtor to work with you on the purchase of a preconstruction home. The Realtor is paid by the builder. Having a Realtor like me to support you through the process and to be a buffer between you and the builder, can help to make the long process go more smoothly.