Buying pre-construction, whether it’s a condo, townhome, or single family home, can feel very enticing. You get a brand new home, usually in a new area, and you get final say on all your fixtures and finishes. It’s the ultimate exercise in personal choice. Plus, there’s typically a longer lead time from your first payment to when you get the keys, so your costs can be spread out over years rather than months.

However, while there are pros to a pre-construction purchase, there are also some things to keep in mind before finalizing your decision. 

The Pros-
Incentives from developers 
Less competition on a specific property
Your home is brand new
You’ll have a longer lead time before moving

Cons-
Consider the financial requirements
You need to factor in mortgage rates and interest rate spikes
You need to factor in sales tax
You run the risk of your build being delayed or having developments cancelled