Buying New Construction Condos in Washington, DC

Buying New Construction Condos in Washington, DC 

See a list of all the new condos listed around DC.  

The purpose of this blog is to explore what you should consider when buying a new construction condo in Washington, DC. With the numbers of new buildings coming available, it's important to make sure you are doing everything you can to protect yourself. Here are some basic tips on how to do just that:

1. Representation - Work with a professional that has your best interests in mind and has worked with new developments in the past. Remember that the person presenting you with the contract likely represents the developer and it's in the best interest of their client to get the unit at as high of a price as possible with the highest likelihood of the transaction going through;
   
   
2. Inspections - Some buyers think that just because it's brand new that the unit is in perfect condition. It is still in your best interest to have an inspector come through and make sure everything is done correctly. Having to fix any items, later on, could far outweigh the cost of bringing in an inspector. Especially if it's your first home, they can teach you how to best take care of all the systems like heating and cooling;
   
   
3. Review Period - All new construction condos must present the buyer with a 15-day window to review all of the information about the building which can include budget planning, plat maps, rules, etc. If during that 15 days there is anything in there that you don't agree with you can declare the contract null and void and get your earnest money deposit back. For condo resale that period is only 3 days in DC;
   
   
4. Know The Developer - Do some research into the developer. Have they done other projects before? Which ones? Did those finish on time? Did they sell out fairly quickly?; and
   
   
5. Patience - If this isn't the case with your purchase then you are one of the lucky few. Projects are frequently delayed for various reasons, but as a buyer, there is very little you can do about it. It's frustrating but make sure to protect yourself up front in case there are any delays and understand that somewhere in the contract the developers are doing the exact same thing. In fact, I recently saw a contract that stated the building could be delayed up to 60 months (5 years!) without a penalty of the seller.

If you are interested in buying a new construction condo in Washington, DC and need help then please feel free to call John Coleman at (202) 427-9689.

Thank you so much for reading my post about buying new construction in Washington, DC.