lthough the sure not to fall victim to the
preconstruction real estate curse of the small print. Avoid
investing option has been ending up the subject of those
around for many years and is horror stories about real estate
nothing new, it just recently investors who are suckered into
became well known to the masses scandalous contracts with real
and real estate investors all estate developers. Some real
over the world are scouring the estate developers will not let
web for the best new construction you sell the property until years
and preconstruction real estate after it is finished and others
projects in areas where real will charge huge penalties if the
estate prices are skyrocketing property is sold early. Always,
(Baja Mexico, Costa Rica, have an attorney look at every
Bulgaria, Cabo San Lucas, contract before you sign
Orlando). While the sudden anything.
increase in demand has influenced
many legitimate developers to 2. Find a Preconstruction
offer more projects and Brokerage – Unless you are VERY
developments, it has also seen well connected in the area's
the emergence of many preconstruction market, it's a
ill-prepared developers into the good idea to go through a real
market. Here are just a few ways estate brokerage that specializes
you can properly screen your in preconstruction real estate
preconstruction real estate developments. There are several
developer / brokerage and make reasons why using a quality
sure you are not signing with a brokerage can help you, but most
less then reputable developer: importantly, they know the
developers and can discern
1. Read Small Print – Before between which can ensure quality
investing in a development, be and which are "accident prone".
industry by labeling every phase
3. Research the Developer's Past of the project a "preconstruction
Projects – If the developer has phase." Often these are
had huge delays in past low-quality condo conversions or
preconstruction projects, it will condotels that are not worth half
probably happen in the next the asking price. BE SURE you are
several projects. Remember that buying in the actual
your time is money – even if you preconstruction phase before
get your full deposit back 2 purchasing!!!
years later, because of constant
delays you may lose hundreds of Just remember, the bigger the
thousands of dollars worth of preconstruction real estate
wasted time and resources. market gets, the more you have to
watch out for fly-by-night
***Note*** As real estate developers and unethical
developers have learned that the brokerages that don't have your
word "preconstruction" alone can best interests in mind.
sell out a project, they have
created a new trend in the
About the Author:
Phil Laboon 412-253-0841 For more Real Estate Investment Information please visit our website - http://www.yaerd.org , For a complete run down of how to find the right preconstruction real estate brokerage, agent, broker, or developer, visit our Real Estate Investment Information website - http://www.yaerd.org and browse our huge collection of fre
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