A condo unit is the dream of most upwardly people looking to buy a home for themselves. With a plethora of property development firms trying to sell their condo units, the potential buyer is often taken in by sales talks, payment schemes and the elegantly styled model units and brochures that these developers offer. They impress in such a way that the buyer often overlooks the reputation of a particular developer. They often forget to ask themselves whether a particular developer is capable of delivering his promise on time, whether the developer has successfully completed such projects in the past and whether the developer is giving them a good return on their investment and not just providing them with another roof over their heads. There are several factors they should watch out for.
What kind of a vision does the developer have?
Some developers intend to build rudimentary condos by clubbing together residential areas with shared amenities, like pools and gyms. Other property developers envision a bigger project where they plan on building an entire township by commingling recreational, commercial and business units alongside the residential unit.
This benefits the residents in three ways. Firstly, many amenities are available to the residents close at hand. Secondly, residential property managers Sydney by attracting major businesses and retail stores can enhance the value of the property. As a result of this appreciation in the value and reputation of the property, more people may become interested in taking up a residence or investing in it. Thus, developers who have this “visionary approach” may naturally be more committed to the property and its customers.
To what time frame and plan is the developer committed to?
Committed developers of substantial repute follow quite rigid construction calendars. Also, they have the necessary capital ready at each phase of construction. Most importantly, they will share these details with public from time to time via newspapers and magazine articles. The data that is fed into the last two mentioned sources can be considered to be very objective, thanks to the critical eyes of journalists.
How successful has the developer been in similar projects?
The buyer needs to conduct an investigation on how the company did on similar projects in the past. He needs to check the company website and gather valuable feedback from residents, newspaper and magazine articles, friends and coworkers. He should be very discerning while reading reviews on the developer’s past projects – are negative reviews quite isolated? Does a positive review look like it has been lifted from a marketing brochure?
Does the developer have a financially stable business?
A property developer, when faced with a fund crunch might be forced to delay its projects or use poor quality construction materials. This means that the buyer should conduct a thorough investigation on the company’s financial status before making a decision. He may gather this information from business reports and from friends who are stockbrokers or bankers. He can also get an idea of the financial health by enquiring from the developer about how many units have already been sold or about the performance of a past phase of the project.
In case of a joint venture, the health of the other company should also be a matter of concern.