Question 1

What is a pre-construction property?

Accepted Answer

A pre-construction property is a property purchased before it is built. Buyers purchase at today’s prices and move in once construction is complete.

Question 2

What is an assignment sale?

Accepted Answer

An assignment sale is when the original buyer of a pre-construction property sells their contract to another buyer before closing.

Question 3

What are the benefits of buying a pre-construction property?

Accepted Answer

Benefits include purchasing at today’s market value, having time to save during construction, customizing finishes, and potential for property appreciation.

Question 4

How does a down payment work for pre-construction properties?

Accepted Answer

Builders usually require a deposit schedule (e.g., 5% at signing, with additional installments over 12–24 months) rather than the full down payment upfront

Question 5

When do I get to move in?

Accepted Answer

Move-in happens once the property is built and passes inspections. Timelines vary by project, typically 2–5 years from purchase.

Question 6

Can I rent out my pre-construction property?

Accepted Answer

In most cases, yes — once you take possession. Some builders may have restrictions, so it’s important to review the purchase agreement.

Question 7

Are there closing costs for pre-construction properties?

Accepted Answer

Yes. Buyers should budget for legal fees, builder/development charges, utility connections, and land transfer tax on top of the purchase price.

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What is a pre-construction property?

What is an assignment sale?

What are the benefits of buying a pre-construction property?

How does a down payment work for pre-construction properties?

When do I get to move in?

Can I rent out my pre-construction property?

Are there closing costs for pre-construction properties?

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