How to Assess the Right Developer When Investing in Real Estate?
Buying a home is one of the major financial decisions you have to make. Hence, the steps to finding the right property developer must be tread carefully.
Knowing what to look for in a real estate developer and choosing a reputable one goes a long way in ensuring you do not face issues in the long run. But how do you find such a developer? Here are some factors to assess before sealing the deal.
What to Look for in a Real Estate Developer
Experience/Background
Checking the developer’s background is crucial, especially in a property market flooded with new and inexperienced developers. To start with, examine the company’s history, its associates, and product portfolio. Learn more about its previous projects so you can cross-check the quality of their construction and reliability.
Quality
A real estate developer’s construction quality says a lot about what the company values and believes in. If a property developer gives equal importance to all the elements of a project, right from the layout planning to the actual build and finish quality, it’s likely that you will have a property designed and built to last.
Pricing
It’s always a good idea to discuss with the developer upfront the pricing, payment plan, and other fees that may incur for the property. Assess if the developer is offering you the right value for your money. For instance, do they have products to fit your budget? Does the payment plan suit your cash flow or housing loan?
Additionally, check if they have a good facilities management team for their existing projects. This will make maintenance issues fewer and far between, helping you significantly cut down on costs.
Steps to Finding the Right Property Developer
Visit their websites
Log on to the website of the developer to get an insight into the company. The website should be able to provide details about the owners, the company’s history, their partners, how long they’ve been operating, and their ongoing or completed projects.
Visit completed projects
When it comes to real estate, seeing is believing. Therefore, make a visit to the developer’s completed projects. This is a good way to find out about the layouts, build and finish quality, and upkeep.
Talk to existing owners
A quick conversation with a current property owner will quickly reveal the developer’s pros and cons. A current owner can provide you with real, unbiased insights about the developer, the properties they offer, and how they work. You can also ask questions about service standards, developer reliability, and other not-so-visible aspects of property ownership.
What should I Ask a Property Developer?
Ask about the factors that influence the property's price
Some of the factors that typically influence a property’s price include prices of similar properties in the area, number of prospective buyers, number of properties left being sold, turnover date of the development, and the property’s initial price upon launch.
Ask about the existing and planned property developments in the area
This allows you to have an idea of whether the property’s location is in a growing area. After all, location is always a major factor that affects the value appreciation of a property. For instance, a property in Micara Estates-Tanza will definitely appreciate in the coming years compared to homes in communities devoid of commercial or business development plans.
Ask about the turnover process
Ask what the turnover process would be like if ever you decide to buy the property. Take note of the fees you will need to settle before they turn over the property to you (e.g. homeowners’ association fees and utilities).
Reach Out to Micara-Estates Tanza – A Trusted Real Estate Development
Micara-Estates Tanza provides Filipino families with an affordable house and lot in Tanza, Cavite. We offer two house models suited for all your needs at prices you can afford.
Contact us today and discover why we’re a top choice among real estate developers in Cavite.