When it comes to real estate investing, the reputation of the property developer is the most important factor to assess. Despite the fact that real estate is growing exponentially, there are still many unprofessional builders on the loose. Believe it or not, these developers are after your money — not your refuge and satisfaction. To that, it only makes sense that you become more vigilant when selecting the right property developer to work with.
A lot of people fall for plausible sales talks, easy payment schemes, huge discounts, and dapper-looking model units of many notorious real estate agencies. In most cases, these customers forget to ask themselves if this agency can deliver on its promises as they get drawn to the multifarious ads and promotions.
Furthermore, the drastic increase in the real estate sector has made it even more challenging for homebuyers to choose a reliable builder among a plethora of available selections. But, moving closer to the fulfilment of your dream home should not be a problem as long as you do some prior research on the qualities that you must check before hiring a real estate developer for your project. Here are 6 things to look for:
The first and essential quality to find in a property developer that you can trust is its experience. If you want to check on the background and reputation of the builder, you can visit its website and see reviews from its previous customers. To know the company better, take the time to study its portfolio, history, associates and track records and services. This way allows you to assess each company and make comparisons with ease.
Just as how important it is to check the company’s experience, it is also essential to know about the company’s financial stability. Money plays a big role in a successful project building. With no adequate funds, chances are there will be delays on the construction or the builder will utilise substandard materials to skimp on the project. None of us would ever want to buy something low-quality, especially if it’s a huge investment like a home. To help you get to know the developer’s financial health, try to review their business reports or contact stockbrokers or bankers regarding the company’s financial data.
Clear Plan and Time Frame
Speaking of construction delays due to insufficient funding, it is crucial to know if the developer has a clear time frame for the project’s completion. A reputable developer must possess a solid construction calendar and financial muscle to complete their projects on or ahead of time. You would know if the company is responsible when it practices transparency in terms of planning, outlining the number of units sold as well as the amount of money to be used, and presenting what to expect at each phase of development. Magazines and blog articles are excellent objective sources to confirm the company’s ability to agree upon time frames.
Quality of Previous Projects
Pay attention to the news that covers property damages during typhoons and seismic activities. This could be a red flag that indicates the use of inferior materials in the course of development. Make sure to check the quality in workmanship, systems and materials when visiting home displays. You can also browse the company’s website to review each of their previous projects as well as evaluations from residents. If you know someone who lives in a residential area that you are eyeing on, ask them about their experiences. The resident’s opinion is a good subjective resource to let you measure how well the property developer is.