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  1. 03-22-2008, 02:44 PM #1
    MIke C
    MIke C is offline Renter
    Join Date
    Mar 2008
    Posts
    2

    Default considering buying a condo that is under consruction - and would greatly appreciate a

    Hello - I am new to the Nashville TN area, and new to home buying. I have come across a new set of condos that are still under construction. There will be 150 total, and they are about to finish with the first 40 of them in the next three months. Of thos 40, there are only 2 flats left. I want to buy one of those flats, and will likely need to act quickly to get one.

    I am wondering a few things.

    1. Should I expect to pay the full asking price for a new condo? They seem to be selling fast, but I also don't know if it is normal for me to pay the full asking price or if I should be able to expect to have the chance to negotiate downward.

    2. Are there any pitfalls I should be aware of in buying condos under construction? Any tips you would suggest in approaching the buy?

    3. The name of the Builders is "Regent"....in case anyone knows anything good or bad about them.

    Thanks for any comments or perspective you can provide.
    Last edited by MIke C; 03-22-2008 at 02:45 PM. Reason: name error
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  2. 04-06-2008, 05:29 PM #2
    bmc
    bmc is offline Fixer Upper
    Join Date
    May 2007
    Posts
    43

    Default

    General rule - do not pay full retail price in real estate. Ask a local realtor to generate a report of recent condo comparable sales (comps) in your area. From the comps, you will get a good idea on how much the condo you intend to buy is worth and negotiate the price with th builder accordingly.

    One of the risk factors you need to consider is the financial stability of the builder - if the builder goes out of the business before the project is completed, your deposit will probably be gone forever. So investigate the builder carefully and thoroughly.
    Want to figure out your monthly mortgage payment? use free mortgage calculator. Need to know whether you can afford that house? try affordability calculator. LTV calculator can help you calculate your home loan to value (LTV) ratio.
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