Real Estate Term
Pre-Construction
A property that is sold before or during the construction phase.
What is Pre-Construction?
Pre-construction refers to buying a home or condo before it is built, based on the developer's plans and renderings. Buyers lock in a price and put down deposits in stages, then close once the unit is complete, which can be years later. The appeal is securing today's price and a brand-new home, but it carries risks around timelines, final finishes, and market changes before completion.
Frequently asked questions
Related terms
Condo (Condominium)A type of ownership where you own your unit and share ownership of common areas with other owners.DepositA sum of money paid as part of an offer to purchase, held in trust until closing.ClosingThe final step in a real estate transaction where ownership transfers from seller to buyer.AppreciationAn increase in property value over time due to market conditions or improvements.
Ready to put this into practice?
Start your property search or connect with a local Sutton agent who can guide you through every step.