Pre-construction can be a smart way to buy in Miami, Fort Lauderdale, West Palm Beach or Orlando, but you are buying something that does not exist yet, under a contract the developer wrote. A few checks up front protect you.
The developer's track record
Look at completed projects, how close they came to their original timelines, and how those buildings look today.
The deposit schedule
Many projects collect deposits in stages. Know how much is due, when, and where it is held.
Completion, assignment and rentals
Check the estimated completion date and what the contract says if construction runs late. Review whether you can assign the contract before closing if your plans change, and whether rentals are allowed once the building is finished, especially if you are buying as an investment.
Finishes and fees
Compare the finishes and specifications in the contract with what is in the sales gallery, and ask how the estimated association fees were calculated. A careful review now saves surprises at the final walkthrough.
This article is general information about buying, selling and renting homes in Florida. It is not legal, tax or lending guidance, and things may have changed since it was published.
