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UrbanTurf Reader Asks: Should I Buy a Unit Without Seeing a Model?

  • June 2nd 2010

by UrbanTurf Staff

In this installment of UrbanTurf Reader Asks, a reader wonders whether buying a pre-construction property in the upper six figures is a wise move given that there is no model for the unit he is interested in.

UrbanTurf Reader Asks: Should I Buy a Unit Without Seeing a Model?: Figure 1

I am very interested in a buying a place in a new row house development in DC. The issue is that there are no actual models available to preview for the unit that I want, and they are asking for a 10 percent deposit to hold a unit. As these are scarce corner units, demand will likely be high and, according to the salesperson, the prices have already started to escalate. These homes could possibly top out at nearly $1M.

I don’t really have a problem with the price point, but I do take issue with the fact that there isn’t a way to currently see an actual finished product. I could possibly be paying close to $1M for a home that I won’t even see until I do a final walkthrough. While the deposit is refundable, it seems to me that this is an awful lot of cash to tie up on something that may not end up being satisfactory for any number of reasons.

So, given the circumstances, should I even put down a deposit?

Post your thoughts in the comments section. If you would like to submit a question for UrbanTurf Reader Asks, send an email to editor2010@urbanturf.com.

See other articles related to: dclofts, preconstruction, urbanturf reader asks

This article originally published at https://dc.urbanturf.com/articles/blog/urbanturf_reader_asks_should_i_buy_a_unit_without_seeing_a_model/2129.

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