Pre-construction purchases can offer access to new communities, contemporary layouts, and a longer period between signing and occupancy. They also involve a different process than buying a completed resale property.
Choice and customization
Early purchasers may be able to select layouts, finishes, colours, and upgrades. Availability and cost vary, so every selection and deadline should be confirmed in writing.
Deposit timing and warranty protection
Builder deposits are often paid in stages rather than all at once. New-home warranty programs may provide defined protections, though buyers should understand coverage limits and claim procedures.
Review the complete agreement
Closing adjustments, assignment rules, occupancy periods, development timelines, and cancellation provisions can be significant. Independent legal review is essential before the agreement becomes firm.
Adapted from the Seven Estates archive. View the original article.