Looking at a New Build? An Excellent Realtor is Your Best Protection

With the Sarasota property market recovering, the economy growing, and demand for Sarasota ever increasing, there has been a surge of builders and developers bringing new homes and new condominium projects to the market.

These provide all the shiny benefits of being brand new and up-to-the-minute, and oftentimes are a good buy. They offer great digital presentations of just how the view will be from any particular balcony, and their flashy brochures list amenities and features that it is easy to like. But should you trust all they say?

The answer is yes and no.

Know What You’re Signing

There are usually significant differences in new build contracts which buyers should be aware of going in. While most residential transactions in Sarasota involve a real estate contract designed to give buyers and sellers equal footing, the contracts builders and developers use were uniquely designed to protect their interests and the specific project.

When buying a new build you have plenty of leverage to change the contract, but you should have a high caliber Realtor by your side to make sure what you end up signing is fairly balanced in your interests. This, in our opinion is a critical extra level of protection. Using a Realtor does not cost you anything as their compensation is already built into the developer?s costs. In fact, it may cost you more to not engage one.

The 3 Main Factors to Consider When Buying from Sarasota Real Estate Developers

1) You are protected in your right to negotiate the contract and you should take time to do so.

While they may not like for you to make changes, you should certainly understand what you are signing and be comfortable with requesting changes.

The state of Florida has very specifically laid out procedures and timing regarding disclosures; and buyers having sufficient time to review without deposit money being at risk.

2) The following business terms of the contract can be very negotiable.

• How much initial deposit is requested?
• The payment schedule for subsequent deposits/draws.
• How change orders are handled?
• Which upgrades/changes are best to be completed by the builder/developer and which may be better left to the new owner after they take ownership? The developers’ representative is going to say it is easier and less hassle to have changes made by the builder. But is that really cost effective and in your best interests?

3) Don’t trust that because it’s new that all is in order to get an inspection.

There is a big difference between the inspections completed by the municipality to check the building is code compliant and the checklist of a certified home inspector. Know which code your development is being built to; is it Sarasota building code or Miami-Dade (which was designed with stricter deadlines).

Before I take possession, I want a home inspector to visually and physically examine my new residence – especially since most builders are warrantying the construction. Don’t live with the hot/cold water switched or doors and windows sticking when they are opened and closed.

It is the responsibility of the builder/developer to get these issues resolved. You can also use an inspector to check-up during the different stages of construction from when they pour slab to framing and sheet-rock.

Choose the Best Realtor You Can Find to Make Sure You Get Full Protection and Service

If you pick an excellent Realtor, he or she should have the expertise to make sure you are protected, and pull in other great professionals (such as inspectors) whom they know will do a good job.

Having a Realtor is more than a second set of eyes, it is someone on your team looking out to help you get the best legal, business, and construction value on your purchase. I know it’s easy to get mesmerized by the fancy models and presentations. Instead make a good business decision and bring your Realtor to represent you.

Read our up to date article: “The Essential Guide to Buying New Construction Condos in Sarasota.”

Call me with any real estate questions @ 941.587.0740.