How To Find A Condo Developer
Investing a condo unit is currently one of the trends in the real estate market. And considering the obvious advantage of the investments, the number of homebuyers nowadays is rapidly increasing. Some home buyers are probably looking for a good and liveable place. While for some, they take condo investment as an opportunity to have a generating income. But whatever your reasons may be, you still need to find a good condo developer.
One of the many things that would come to your mind when we talk about real estate investment is the condo developer. Who would it be? Is the developer skillful enough to build an amazing property? Or can we trust that developer? Generally, whether you go for ready-for-occupancy condos in Taguig or pre-selling condos in Manila, knowing the answers to these questions is one thing you need to do before making any decisions.
As we all know, it is definitely unwise to act and decide impulsively – you may not want the end result of it. However, if you are careful enough to make sure that everything is in order, then you will have a smooth process of every transaction. And if you are one those first time home buyers, you need to consider these things to make sure that you can find a good condo developer.
Perform a thorough background check on the builder
Doing a background check on your prospect condo developer is not that bad at all. In fact, this is one way you will know how good they are when it comes to their performance on their field of work. Perhaps, you may want to consider listing the names of reputable builders. With that, you can start narrowing down the names based on the information you know. Determine whether the developer has a good track record on the thing that has already accomplished. Know how many projects that developer has implemented. You also have to know if the developer had completed the projects on time. Or even determine a good condo developer basing just on the infrastructures that developer has made.
Having some ideas on what kind of developer you want to invest with matters the most. And whether you realize it or not, choosing a condo developer is one factor that can also make or break a real estate investment. Again, if you are not careful and keen enough in finding the right developer for you, then you might not get the desirable outcome. Obviously, we all don’t want to happen, right? That means we need to double-check their backgrounds before deciding which of them is skillful and capable enough to invest with.
If there’s one thing that you need to consider as VERY important, that would be the documents. As a home buyer, it is a must for you to consider and carefully review the following documents: Documents pertaining to the governing of the condominium (constitution, bylaws, etc.), Disclosure statement, Reserve fund study, and/or performance/technical audit. Yes, this may sound technical, but it knowing these things mentioned is one thing that would ensure you that you are investing a real property and not just any other scams.
If a condo developer does not provide an easy access to these documents mentioned above, then you better think again before choosing that particular developer. Who knows? They might be hiding something unpleasant that they don’t want you to know. But a good condo developer is willing to give you the necessary documents of the property that you want to invest. Of course, if you don’t understand any of the documents given, you must consult your agent or the developer about it. Never make any decision yet especially when you are still confused. Again, you need to double check and make sure that everything that is written in the documents are clear to you.
If you are just keen enough to observe the things that are happening around you, you may probably notice that there are also a lot and different warning signs. For instance, if there are offers that are too attractive enough that immediately grabs your attention, you better think again and again first before digging into that offer. You might not know that they are putting you on a trap, which may be difficult for you to get out. As a home buyer, you must not impulsively decide based on what you see. You have to be suspicious enough until you get the reason for that particular offer. However, if you couldn’t grasp enough the reason behind such offer, then you better think again before you invest in a property.
Generally, you will most likely notice a warning sign especially when you start wondering why or how come. With this, you may probably ask a lot of questions regarding a particular offer the condo developer gave. Perhaps, they might have trouble selling that property that is why they are selling it to you at a much lower price. Yes, it is undeniable that the offer is a temptation. However, if you want to avoid any complications and headaches later on, you better be careful in every step and decision you make.
Trust your gut instinct
If you think your gut instinct don’t apply to the real estate investments, then you better think again. Basically, intuitions or gut instincts allows you to discern warning signs around you. Your gut feeling will tell you that that particular condo developer will not give you the right documents and a satisfying offer that you need to have. Obviously, condo developers won’t tell you that there is something fishy going on. But your gut feeling will tell you not to trust that developer for some reasons.
If you think that you felt something, then you better start being suspicious. Ask some important questions to the developer to make sure you are not going to their traps. But generally, trusting and obeying your gut instinct will not harm you. In fact, it will guide you to the path where you need to be. Moreover, listening to your gut feeling is also one factor that contributes the decision making – on whether or not to pursue the investment.
Basically, there are a lot of things you need to consider before you decide to purchase a particular property. Of course, you are not going to buy without any idea on what and what not to do when it comes to the process of it, right? When you do, then there might be possibilities you might not get a desirable result on the investments. Again, if you want to have a smooth and successful investment, be a smart home buyer.