Thinking of buying an apartment in a new development? It’s quite different than buying a resale. Watch this free Brownstoner webinar “Buying and Selling in a New-Construction Building” for what you need to know.
The differences when buying a new development include:
1) You may not be able to walk into the apartment before you buy it. A lot of times you’re buying something that hasn’t been built yet. Has the developer done buildings in the past? Check to see if they’ve been delivered on time.
2) The purchase prices are higher for new products, as are the closing costs and carrying charges.
3) There are more choices. A resale might be the only unit available in a condo, but in new construction there’s more inventory to choose from. If you want to buy a one-bedroom corner, you may have your pick of several units in that line.
4) Your estimated closing date can move up or move back. So you need some flexibility. Luckily, mortgage rates can be locked in for one year.
The webinar, part of the Brownstoner Home Events series, features Rick Kelly, founder of Alta Real Estate; John Gnisci, senior vice president at Cross Country Mortgage; and attorney Sharon Yehoshua Darouvar from the law firm Konner, Gershburg, Melnick, Darouvar.
Webinar sponsors include Alta Real Estate, Cross Country Mortgage, and Konner, Gershburg, Melnick, Darouvar.
To learn about sponsorship opportunities for future Brownstoner Home Events, please get in touch here.