Darryl Shaw

Buyers usually register interest first, then get access to available units and pricing. After choosing a unit, you sign a purchase contract and pay deposits on a schedule set out in it. The home is completed later, and closing is when you pay the balance and take ownership.

For new condos in Florida, buyers have a 15-day rescission period under FS 718.503. This applies to condos only. Have a lawyer review the contract and the timing of that period.

Pre-construction purchases usually let a buyer secure a unit with a staged deposit instead of the full price. Payments are spread over the build, and the balance is due at closing. This can tie up capital for a long period before you receive the home, and the market may change in that time.

Before buying, look at local supply and how quickly comparable units are selling. Look at rental demand in Tampa or Celebration, and at how the home type fits that demand. Also compare expected carrying costs, such as HOA fees and taxes, with likely rent. Nothing here predicts appreciation or returns. Read the contract and speak with a licensed professional.

Florida buyers should plan for a deposit that is often paid in stages, plus closing costs. The exact amounts are set by each developer's contract, so confirm them for each project. Mortgage lenders also have their own down payment requirements.

Florida has assistance programs for first-time buyers, including Florida Housing Finance Corporation offerings. Eligibility, income limits and whether a new-construction condo qualifies vary, so check current terms. Registering early with a project can give you earlier access to information and unit selection, though it doesn't commit you to buy.