New Construction & Pre-Construction Condos Guide
What to know before buying a pre-construction Miami condo.
What It Means
Buying pre-construction means purchasing a unit before (or during) a building’s construction, based on floor plans and renderings rather than a finished unit. Buyers typically pay in deposit installments — often 10–20% at contract, with additional deposits due at construction milestones — well before the building is complete.
Key Things to Know
- Review the developer’s public offering statement (prospectus) carefully — it spells out your rights, the developer’s obligations, and how deposits are handled.
- Ask how and where your deposit is held in escrow, and what protections apply if the project is delayed or doesn’t complete.
- Completion timelines commonly shift — build in flexibility rather than assuming the original delivery date.
- Financing for pre-construction typically happens near closing, not at contract signing, so your mortgage pre-approval should be refreshed closer to delivery.
- New buildings come with builder warranties and modern systems, but a shorter track record than an established resale building — weigh that against the appeal of new construction.
Why It Matters to Buyers
Pre-construction contracts work differently from resale purchase agreements — understanding deposit protections and timelines upfront avoids surprises later in the process.
Related Reading
Financing a pre-construction unit works differently than a resale, so our financing eligibility guide is worth reviewing early. Edgewater and Downtown Miami both have some of the most active new-construction pipelines in the city right now. See our buyer’s guide for the rest of the purchase process.
