How to choose the right property developer
May 24, 2018 | By SUPER USER
Buying a home is the biggest financial decision of most people’s lives. They put in their life savings into it, or sign away the next 30 years into fulfilling loans. Therefore, it is only fair that they get to deal with a developer that will treat them with the due respect that they deserve, and not cheat them or leave them disappointed in any way.
Here’s what you need to do when looking for a developer to buy from:
1. Visit their website
Log on to the developers' websites to get an overall insight about the company. The website should be able to provide you the answers to questions such as the owners are, what their history is, who their partners and associates are, how long the company has been in existence, and even give you an insight into their current and upcoming projects.
2. Visit ongoing and completed projects
Visit under-construction as well as completed projects of the developer. The quality of their completed projects will tell you what kind of finish to expect in the project you are interested in. And visiting under-construction sites will give you an idea about their quality of construction, materials etc.
3. Talk to existing owners living in their projects
Only a current owner will give you a real, unbiased insight into the developer’s way of working. You could ask questions about rental ease and yields, developer reliability and service standards, satisfaction levels, quality of product, parking issues, snagging, teething problems and many other not-so-visible aspects of property ownership.
4. Find out how financially secure they are
A real estate developer whose financial position is weak will not be able to deliver projects on time. They may also resort to using cheap materials to compensate for the lack of funds. And finally, they may raise prices at the last moment or charge you with hidden costs. To figure out the financial health of a builder, you may look at their sale of units and project success rate. If it is a joint venture firm, it is essential to research the partner entity also.
5. Find out how much time they take to complete their projects
There are many companies who don’t deliver their projects on the time. Opting for big/listed companies is a wise idea, as they are held accountable to deliver their project on time. Asking current homeowners for their purchase experience will give you a fair idea about what to expect yourself.
6. Find out whether they have a strong support network
Construction as an industry is all about teamwork; so a real estate developer must have a strong network of good engineers, architects, brokers, bankers, lawyers, and of course a backup source of funding. Having a strong network of professionals is one of the biggest factors ensuring project success.
7. Make sure they are 100% legal
Make sure the real estate developer you choose has all documents regarding land title, authority approvals, construction commencement, building plan approval and other information, readily available.
8. Read between the lines of their pricing
If prices are dramatically low, the developer may be cutting corners to make a profit or using inferior materials in the building constructions. If the prices quoted are too high, they may be indicative of unfair hidden charges. For this reason, it’s a wise idea to discuss prices and hidden charges on the spot with the developer.
So these were a few guidelines to find the best real estate developer for your requirement. Good luck on your search!