Almost everybody will get in touch with a Real Estate Agent when looking to purchase a resale home or condominium but what about new home and pre construction condominiums? Most people are unaware that when they go into the sales office for a new development, the sales staff there to help you work for and represent the interests of the builder so it's a good idea as a potential buyer to have your own representation with you.
Having your own Realtor when purchasing a newbuild is just as important as using one when buying a resale. Just like the listing agent in a pre-owned home represents the Seller the Sales Representative at the new homes office works for the builder, which means that they represent the builder and have the builders best interests at heart. By having your own representative you will receive non-biased advice as your Realtor is solely looking out for you and will take the necessary steps to protect your best interests and make sure that you're taken care of.
Retaining your own Real Estate Agent to represent you in your new construction purchase won’t cost you anything and could actually end up saving you plenty of time and money. A good real estate agent not only represents you in the transaction with the builder, but also ensures you understand the process of what you are buying and clarify all the hidden costs of your purchase. Your agent will also educate you as to all the new developments that may be coming up without bias as your Realtor works for you and not the builder.
Your Realtor will be able to negotiate the agreement in your best interest. As price is usually not negotiable, certain fees (education, park levies) can be taken out or capped within your agreement. Although price might not be negotiable the good news is that when builders launch a new project they usually have VIP events in which they invite real estate agents to bring their clients prior to opening the project up to sell to the general public. This gives your realtor the opportunity to obtain the best floor plans and the best prices for you.
Your Realtor will make sure that you know that the builders asking price is fair. A great agent will take the time to inform you of current market conditions in the new construction and resale market. They can also provide you with asking prices of units in similar developments and what comparable units in newly built buildings are selling for on MLS.
You had you heart set on a certain project but now it's all sold out. Your Realtor may be able to help you find an assignment. An assignment is buying a right to own a property that is either not built or not ready for occupancy and has not been registered yet with the Land Registry System. Sellers of assignments are usually people who bought a unit and now for one reason or another would like to sell their right. So even though a development has sold out there can still be buying opportunities in project through assignment. A great Realtor will be able to help you find those assignments or vice verse if you decide you need to assign your unit as certain types of advertising is not permissible by the project builder.