Carol-Ann Palmieri & Al Mussi's Blog
855 Washington St, Franklin, MA 02038
A pre-constructed condominium is an excellent way of getting a new space at a decent price. One of the advantages of getting a pre-constructed condominium is that it can be customized to match your style. Here are the things you be aware of when buying a pre-constructed condo:
1. Many pre-construction condominiums get delayed. Understand that many condo projects are not always ready at the expected time provided by the developers. Therefore, you should plan to move in six months later than the proposed move-in date.
2. Expect to put up to 20 percent down. You may buy a resale condo with as little as 5 percent down payment. But, such is not the case for pre-construction condominiums. The standard is about 15 to 20% down payment except in a few instances.
3. You will have to pay HST. Newly built condos are subject to HST, unlike resale condos. It is worth noting that your purchase may qualify for the New Housing Rebate Program of the GST/HST
4. New-build condo may attract additional closing cost. Your purchase price can be increased by 1 to 3 percent through expenses like utility connection fee, HST on new appliances, as well as builder/developer adjustment charges.
5. You may be a tenant sooner than you planned. You should also be aware that your condominium may be ready for moving in before the building project completes. In that case, the building cannot be set up as a condo corporation. Instead, you can rent the unit from a developer instead of owning it.
6. Your condo fee may rise. Condo developers attract prospective buyers with reduced monthly maintenance fees. The fees will increase after two or three years of staying in your home. These condo fees can increase significantly, so you must keep that in mind during your budget planning.
7. Lock in your mortgage rate beforehand. Developers usually work with their preferred mortgage providers. If you are in this circumstance, you will have the opportunity to lock in at current low-interest rates. This low-interest rate will come into play as soon as you close on your condominium.
8. The building may not look exactly like what you saw in the video or showroom. Developers have the right to adjust their plans. The indoor-outdoor may not be what you saw in the video as some features may be optional or at additional costs.
Speak to your real estate agent today about your condo deal to know what to expect before starting.
855 Washington St, Franklin, MA 02038
Building an eco-friendly home has a lot of advantages. Apart from the environmental benefits, it helps you save money and time. It also protects your health.
Here are five important reasons for building green:
Reduce Environmental Impact. The use of renewable and energy-efficient materials minimizes environmental impact. It significantly reduces pollution. A green home produces a reduced carbon footprint via efficient energy use. Apart from being energy efficient, it also limits the amount of waste going to landfills and minimizes the effect of new constructions on limited world resources.
Save Time. Another reason why it is necessary to build green is that it saves you time. It saves construction time when you make use of the right eco-friendly material. When you buy materials that are available locally, you save cost and also reduce your carbon footprint by minimizing the use of fuel that would have been used in shipping your building materials. Apart from that, your building materials will be available quickly and reliably.
Save Money. You save money when you use a recycled or secondhand material for your construction. Majority of energy saving appliances cost more than their traditional counterparts but, you will discover that it pays on the long run because the savings will come later in the form of reduced energy bills. Long-lasting construction alternatives will help save a lot of money that would have been spent on reconstruction or repairs.
Protect your Health. Several conventional building materials are not optimal for the health of residents. For instance, volatile organic compounds can cause cancer. These volatile organic compounds are present in many building materials, paint, as well as indoor products like mattresses and cleaning materials. Also, many conventional building materials promote the build-up of moisture which is dangerous because it can lead to mold or mildew problems. Understand that both molds and volatile organic compounds can cause outdoor pollution challenges.
Improves Resale Value. If you have the intention of selling your property in the future, building green is a way of getting a better resale value of your home. Apart from the increase in resale value, the building will be sold out quickly without having to wait for several months for a buyer.
Contact a home contractor for your options for building a green home today.