Questions About Buying NEW CONSTRUCTION?
Buying new construction can be really exciting, especially if you're fortunate enough to be in the market for ultra-premium residences like the projects we're seeing in Sarasota Florida! But there's a lot to know about the process of buying new construction, especially the money part.
I'm here to help you understand more about the details of new construction deposit structure, the timeline of new construction financing, and more of the ins and outs of purchasing a new construction home, whether it's a single family home or a condo.
If you've considered buying new construction, it's important to know the financial process as well as the timeline since it is a much longer-term commitment than buying and moving into an existing home.
Sarasota has exquisite luxury new construction projects happening right now, so there's no better time to demystify the purchase process.
Most developers go through a reservation phase where your money is likely to be fully refundable until there are state-approved condominium documents that allow for a purchase contract. The 'hard contract' is usually ratified after a 15-day rescission period and then there's more money due when the project breaks ground. Most projects wait to break ground until they are 50 percent reserved, so the date is variable and, of course, affects when you will ultimately be able to occupy your brand new home.
Keep in mind, each development is different, so these are general guidelines. If you've got a specific question about buying new construction or a buying into a specific project in Sarasota Florida, just get in touch to let me know!
