|
contents | news | |||||||||
| It's dangerous to invest to Preconstruction Real Estate Commercial buildings in NYC are being converted into luxury condominiums and new building projects are breaking grown in all the best areas of Manhattan. Preconstruction properties can be purchased well before the completion of the property. The earlier you buy in, the cheaper it will likely be. Many people rush into purchasing these apartments in the hopes that once the apartment is complete they can flip the property for a profit. In most cases this is true, since real estate prices have been appreciating every quarter for the part few years. But there are special risks in purchasing real estate before it’s actually been completed. First you have no idea what it’s going to look like. Completion dates are soft. Developers are often on a lot of pressure to complete a structure on time, and if they are in hurry the project tends to suffer. A leaky roof, a poor foundation, any number of problems that will need repair. To reduce your overall risk in purchasing a preconstruction apartment, do thorough research on the developer’s previous projects. write your comments about the article :: © 2005 Construction News :: home page |