Bovision Buyer’s Guide

Buying a Newly Built Detached House

Buying a newly built condominium is a process with many steps to keep track of. In this guide, we explain the most common stages and key terms involved in purchasing a newly built condominium.

Here, we walk you through everything from submitting your expression of interest to the moment your new home is ready for move-in.

Buying a Newly Built Detached House

How to Buy a Newly Built Condominium

  1. 1

    Upcoming

    When a housing project is marked as “Upcoming,” it means the project is currently in the planning stage. By registering your interest early, you will receive important information about the project and can prepare for the upcoming sales launch. This may require you to register as an interested buyer with the developer or here on Bovision to secure your place.

    Many developers register the date your expression of interest is received, which determines your queue position when sales officially begin.

  2. 2

    Sales Launch

    Once preparations are complete, the sales launch approaches. It is not uncommon for a so-called VIP pre-launch to be offered first to those who registered their interest early. During a VIP launch, you may be given the opportunity to reserve or purchase a home before it is released to the open market.

    Make sure to register your interest as early as possible to stay informed about when the sales launch is planned.

    The sales launch may take place at the real estate agent’s office or another designated location. Contact the responsible agent for details on how to proceed with a purchase. You should also contact your bank at an early stage to review your financial situation.

  3. 3

    Time to Sign an Agreement

    If you select a home and decide to proceed, the next step is to sign either a reservation agreement or a preliminary agreement.

    A reservation agreement is not legally binding and involves paying a fee to reserve the home. If you later decide not to proceed with the purchase, you may lose part or all of this fee.

    A preliminary agreement, however, is legally binding and means you commit to purchasing the home once it is completed. The preliminary agreement specifies the estimated access date. Carefully review the terms that apply to the specific property or project.

  4. 4

    Interior Choices

    In many projects, you have the opportunity to influence parts of the interior design of your new home. Contact the project’s agent or sales representative to learn about the available options and any associated costs.

  5. 5

    Grant Agreement

    Once the tenant-owner association (housing association) has been legally established, a grant agreement is signed between the association and the buyer.

    Legally, the housing association owns all apartments, but under the agreement, you as the buyer obtain the right to occupy your specific unit. At this stage, all costs and terms are finalized. The grant agreement also specifies payment details.

  6. 6

    Final Inspection

    Before moving in, a final inspection is carried out to ensure that everything has been built correctly. You can usually attend this inspection to confirm that your chosen options have been properly executed.

  7. 7

    Move-In and Access

    When it is time for access, you receive the keys and can begin moving in. Details such as the moving schedule and access date are communicated well in advance.

  8. 8

    Your New Home

    The wait can feel long while a newly built home takes shape, but moving into a brand-new home where you’ve made your own personal choices is truly worth it. This guide helps you understand the process from start to finish and makes your journey toward a new home as smooth as possible.