Florida Homes For Sale Directory

Florida pre-construction homes are very popular in Florida. Florida is one of America’s fastest growing states when it comes to population, and this rapid growth demands a response from the real estate department.

Fortunately, builders and developers are stepping up to the plate in scores. New community after new community is being built in Florida.

Below is the process you’ll go through to find and buy a Florida pre-construction home, from the deposits required, to how to protect yourself as a buyer, to timelines, and of course one of the most important things to investors: pricing.

Putting Down a Deposit On Your Florida Pre-Construction Home

Miami Real Estate Trends offers that there are three different deposits required in purchasing a Florida pre-construction home. First, there is a $15,000 or $25,000 dollar deposit to be ready to buy on opening day. Then there is the balance of the first 10% of the deposit due 15-45 calendar days there after. Then there are two more 10% deposits needed in the following months. The first is 3-6 months after reserving the condo, and the other is due upon grown breaking.

A Typical Timeline for Buying Pre-construction

First there is Opening Day in which you choose a unit and give the initial deposit. After 6 months, the purchaser gains the right to resell. Many investors choose to buy pre-sale homes and then resell them.

Buyers’ Rights

But what about the buyers of a Florida pre-construction home? There are laws in Florida protecting people who purchase homes during the pre-construction phase. Any funds that you deposit on the condominium or home are placed into escrow and are only released at a traditional and legal real estate closing where the unit is transferred into the buyer’s name.

Pre-construction Pricing

Here are a few pricing guidelines that will help you decide if you are getting a good deal or not. According to Miami Real Estate Trends, $360 per square foot is considered a terrific buy. The prices go up and up, with prices for luxury buildings approaching $610-$1000 per square foot.

Conclusion

Whether you wish to invest in a pre-construction with the intention to resell, or purchase a pre-construction for your own residence, there are several things you will want to be aware of. The above is just a general guideline to help you through your Florida pre-construction purchase. Do not be afraid to consult the professionals. They know what they are doing, and they are there to help you out. Seek the advice of loan counselors, accounting and investing firms, and real estate agents. Purchasing Florida pre-constructions is a big step and should be treated as such.