Buying New Condo & Loft Construction in Minneapolis

Whether you are considering buying a new unit in a newly constructed luxury highrise or a new unit in a converted warehouse, both are considered "new construction". The main distinction is that you will be purchasing from the Developer as opposed to buying a previously owned home from the current owner.

In many cases, Developers will put together a marketing plan that will include a sales office staffed by Realtors. The goal is to sell the units as quickly as possible and at the best possible price. Usually, another goal would be to have the consumer buy directly from the Realtor in the sales office. This may reduce the Developers costs and also allows the Realtor to have more control of the sales process. Keep in mind that the person that you are working with in the sales office is representing the Developer. There's nothing wrong with this approach - it's just the way it is.

However, as the Buyer, you have options. By working with one of our Agents from the start of the process, you will have many advantages over the Buyer who walks into the sales center unrepresented. And the good news is that representation is free for the Buyer.

How can an Agent assist with shopping for new condos & lofts?

By working with a Buyer's Agent from the start, you will have numerous advantages:

• Market overview. An Agent will be able to discuss your goals and objectives, preferences and priorities, to understand what you're looking for. Based on market knowledge, you will receive information on all of the options that might fit your needs. You won't receive unbiased information on the competition in a sales office.
• Property evaluation. There are many things to consider when looking at buildings and individual units. What is the quality of the construction? How good are the materials and appliances? Is the floor plan good for your lifestyle? How do the amenities compare to the competition? What are the not-so-obvious issues that may affect your enjoyment of your new home? Your Agent can help you to evaluate thes items and add input that you may not otherwise be aware of.
• Assistance with upgrades, financing and closing. Once you have selected your new home, there are more steps that need to be completed. Most Developers will offer standard finishes, features and appliances. You will have the opportunity to upgrade your unit at an additional cost. What makes sensse for you? What is the most cost effective way to make these improvements? Who are the good home loan lenders? What needs to be done to prepare for closing? Your Agent can help answer all of your questions.
• Representation in negotiations. In some situations, prices, upgrades and other items can be negotiable. By working with an Agent, you may be able to substantially reduce your costs and/or receive upgrades that you may not have received on your own.

There is one item that is critical to remember if you would like to be represented. The very first time that you have contact with the Realtor representing the Developer, you must disclose that you are represented by an Agent. You can do this by bringing your Agent with you or signing a disclosure sheet the first time that you visit the sales office. Failure to do so will result in the Developer refusing to pay a commission to your Agent. At that point, you will be in the unenviable position of either being without representation or paying a fee to your Agent. Enroll your Agent from the very beginning to get the best results.

Remember, there is no cost for you to have an urban home expert in your corner every step of the way. We can help you to make good choices and avoid the cost and consequences of poor decisions due to a lack of knowledge. We are your advocate.