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What is the risk of buying a condo unit in the pre-construction stage?
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[QUOTE="Alexandoy, post: 198596, member: 25510"] It is called "pre-con" by the real estate agents. They will offer you a condo unit that is still to be constructed. The price is around 20% cheaper than when the condo building is finished. The trick of the developer is to use the money of the buyer for the construction which means they would be needing less capital. The pre-con deal benefits both the buyer and the developer hence it may be the main reason for its popularity. Now this question about the risk. There are cases where the buyers file a complaint to the housing authority (government agency) that they had fully paid the unit but the building is not constructed even after 2 years. That is unfair to the buyer. One tv program that tackled the issue showed that the main resolution is for the developer to return the money of the buyer. Oh my, to think that the developer had used the money for 2 years, that is unfair. But the buyer agreed instead of pushing for interest. A pre-con building that did not push through in the construction has many reasons. It may be lack of budget on the part of the developer or maybe the required permits are not accomplished yet. The developer of the big land near our home is having difficulty in securing the right of way from our village officials. The only thing we can say is caveat emptor... buyers, beware. [/QUOTE]
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What is the risk of buying a condo unit in the pre-construction stage?
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