In today’s real estate market, there are many buyers that go out on their own when buying a new development Loft, Condo, or Highrise. However, unless you are extremely knowledgeable about the local area, the building and the builder’s sales office that you will be working with, we highly recommend finding a good buyers agent or broker to assist you. You will save countless hours of research, money and not to mention many headaches in having to do it all yourself. Best of all it won’t cost you anything. All commissions to your buyers agent are paid by the builder.
There are numerous new developments in San Francisco that are available and if you want to properly narrow down your search, you will need help from an local area specialist to:
- Educate you on all the different neighborhoods of San Francisco.
- Present all the available brand new developments, as well as, developments that may been on the market for some time.
- Help you determine which model and floor plan may be best for you.
- Advise you on the legalities of everything you sign and disclosures.
- Assist you with locating the right lender to financing your purchase.
- Help guide you through a smooth escrow and close process.
- Last, but not least, help you negotiate the best deal possible.
There are dozens of new developments in the works or planned in San Francisco. Hundreds, if not thousands of new units will be built in the coming future. Here are some questions to ask yourself:
Choosing the right project:
Which development may be the best investment for your needs and purpose?
Which development may have resale restrictions?
What about non-owner occupied restrictions? Animal restrictions?
Should you buy now or wait to buy in a future planned development?
What is the demographic of people in the building you are looking to buy in?
How will the current rezoning efforts of the SF Planning Department affect your investment?
How will a new project affect the project you want to buy in? Will it make it less or more attractive (i.e., will it reduce or increase demand for your desired building and your investment)?
Buying at the best time and price
What is the existing resale inventory?
What time of the year are you planning to buy? Depending on the time of year, builders may more aggressively price their units.
How many units are left in the development and how many units have been sold? If the builder is motivated to sell units quickly, you may be able to benefit from this.
What upgrades does the unit come with? Are upgrades and credits for closing costs negotiable.
Buying for Investment
How "marketable" is the development you are wanting to purchase?
Which corporate leasing and companies should you work with?
Should you use a property management company?
What are the legal and financial ramifications of buying and selling investment property?
What are your building’s HOA CC&R’s (covenants, conditions and restrictions)
What is a realistic rent that you can expect to receive for your unit?
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