Should You Buy Units in an Unfinished Building?
One of the trends in urban living today is buying a unit (or units) in a building that is yet to be constructed, or is currently being built. More often than not, the terms seem to be more affordable than those for units in already completed buildings. Is buying a unit in an unfinished building a good idea, though?
At the end of the day, it is your decision. However, you have to understand that there are risks associated with buying in unfinished buildings. Perhaps the biggest risk is for investors or lenders to pull out. Unfortunately, this happens all too often. Think about it – how many half finished buildings have you seen around your city? The chances are that these buildings have suffered from a lack of funding somewhere down the road.
What you can do is to make sure you know as much as you can about the developer in order to lower this risk. Alternatively, find a unit in an already finished building.