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What does Pre-Construction Really Mean? Buying preconstruction, or offplan, means that you're buying before the construction has been constructed. You are buying and relying off of the blue prints -- and architectural plans. In many cases, developers will offer you a substantial discount to buy preconstruction, and that's because your pre-construction purchase helps build investor confidence along with the funding to keep the development going.
Another factor is that bank financing for pre-construction is typically dependent on a certain amount of presales. The developer's goal; to hit that number as soon as possible. That's because the shorter the length of the project, the greater the return on investment (ROI).
This describes the balancing act between you the pre-construction buyer, the developer, the investors and the bank.
To large extent, many preconstruction buyers don't buying for personal use, but rather as an investment.
However, given the depreciating Chicago real estate market -- this explains why there is currently so little Chicago pre-construction.
Below is the most up to date list of Chicago Pre-Construction Buildings.
Pre-construction Chicago condos are condos that have been approved and are in the planning or early construction stage. Financing for the development is usually secured sometime after the unit sales for the project pass the 50% mark. There are several benefits to buying Chicago condos in the pre-construction stage. You will have a wider selection of floorplans and unit locations from which to chose. You normally get to pick out finishing details such as flooring, kitchen cabinets, appliances and bath fixtures. Some developers even offer free parking, free assessments for a set time or even a lock on interest rates. And because new developments usually take anywhere from two to five years to complete, they are great for buyers who plan to retire in a few years or couples expecting their family to grow.
You can find high-quality pre-construction Chicago condos in prime locations, and Best Chicago Condos can help you do your research and find the home youve always wanted.