How to Spot a Reliable Real Estate Developer
Despite the ongoing global pandemic, real estate remains to be one of the strongest forms of investment in the Philippines. Corporations from all over the globe continue to put up their businesses in the country, giving Filipinos different employment opportunities in the years to come.
Many developers are looking towards the south for their developments, causing the land property in provinces like Cavite, Laguna, and Batangas to steadily rise each year. This is why a lot of people, particularly OFWs, are looking for an affordable house and lot for sale in Cavite now while the prices are relatively low and buying it as a potential investment.
If you’re looking to capitalize on this booming economy and want to invest while the land property is relatively low, you’ll want to make sure you choose a real estate developer who is reliable and won’t just run away with your hard-earned money.
We’re here to help you spot a reliable real estate developer with these tell-tale signs.
1. Professional website
A dependable developer will have a professional website, and not just a Facebook or Instagram account, that will have all the company information including how long the company has been operational, where the company is located, their contact details, and even their license numbers. Not having a professional website is a huge red flag, so you should steer clear of any developers like these.
2. Proven track record
Just like when you’re interviewing someone for a job, you’ll want to see credentials. Check and see if you can find any prior projects the developer has done. What is the reputation of the developer like? Do people trust them? How many homes have they successfully turned over? Do they have photos of the completed houses they’ve done?
3. Quality check
If you can, check the houses they’ve completed. Do they have a model unit you can visit whether that’s physically or virtually? You can also ask a trusted family member to visit the site to check the model unit to inspect the different amenities not just of the home but of the community as well. Read up online as well and see if you can find any reviews about the developer and the homes they’ve constructed. Are the reviews they’ve gotten positive or negative? A few negative reviews shouldn’t turn you completely away from a developer, but if it’s overwhelmingly negative or if the developer responds to reviews in an unprofessional manner, you’ll want to choose another developer.
4. Clear plan
Not all developers sell what is called ready-for-occupancy (RFO) homes or homes that are built before selling. Some developers sell what is called pre-selling homes or homes that have not been built yet. In this case, you’ll want to know if the developer has a concrete plan for when they can turn over the house. Compare the timeframe given to you with their previous turnover history to see if it matches. If it does, you know that the developer is a responsible one and sticks to their word.
Buying real estate could give you huge returns but only if you invest in the right developer. Take your time to research on different developers and compare what each one has to offer before making your decision. The amount of money you invest in a home is no joke, so you want to take as much time and diligence as you can so you get your money’s worth.