The Condo Mania Team
Do you need a Buyers agent for New Condo Developments?
Developers make it very easy for you (in most cases) to walk into a sales office of a new condo development. And usually, once you sign in at a sales office without a real estate agent, you cannot have an agent represent you (at least not one that will get compensated by the builder). The agent in the sales office works for the builder and does not represent you. But what does that really mean?
Think about the difference between a car salesman and a lawyer. You are a customer of the car salesman and a client of the lawyer. The lawyer is supposed to look out for your best interest and the car salesman is supposed to make sure you don't walk out of the lot without one of their cars.
Though there are very few negotiation points in a new condominium purchase, there are several "decision points:"
- Should you (and can you!) put in Hardwood floors or keep the standard carpet?
- Should you use the builder's loan representative or get your own?
- Should you take the condo with the lousy view that has a better price?
- Should you even buy this condo at this price?
- Should you wait to buy a resale in this development when it is completed?
- Should you buy a resale in another development that is comparable?
And then there are the "What Happens If.." question that buyers may not know to ask, such as: "what happens if I change my mind about buying the condo before it is completed in two years?" There are several more of those questions that beg to be asked but might not be unless you have an experienced agent assisting you.
Using one of our condo specialists as a buyer's agent is free to you (the builder has a budget for buyer's agents). Think about a buyer's agent as an extra piece of insurance against making a bad decision. Not only is the insurance a good bet, but it doesn't cost you anything to have it.
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Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.
The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.
Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2022-01-25 06:58:38