Buying into a new development can be a risky business. Uncertain market conditions have closed the doors of many property developers who could no longer afford to continue building. This can have severe consequences for potential purchasers who stand to lose their deposit (if not worse). It is therefore wise to only buy from property developers who are financially stable and are able to show an excellent track record. That said, buying a new property is truly wonderful. You have the opportunity to choose your own finishes and become part of a select fortunate few who can call themselves new home owners. Developers are aware of the present market conditions and are using this to their advantage by offering purchasers some unbelievable offers. Lets take a moment to look at what you can do to make sure that you are buying into a dream that will actually materialise.
Tip #1 – Do your homework
It is your responsibility to find out about the developer and to make sure that they are reputable and have delivered on their promises in the past. The best way to do this is to ask your estate agent about projects the developer has completed in the past. If they have at least 5 developments under their belt, chances are that they will be able to produce the goods and you can buy with confidence. There is no substitute for peace of mind.
Tip #2 – Know what you want before you start looking
If you plan on buying a new development, it is always best to have your affairs in order before you start looking. It is important to know how much you can buy for and what kind of property you want. Developers offer amazing deals and therefore the properties sell quickly. If you wait, you will lose out. If you fall in love with a property, you should be able to make an offer on the spot. Know that if you don’t, it could be sold by the next day. Developers cannot afford to hold on to a property for you until you have made up your mind or sell your house. It has to be a quick and informed decision.
Tip #3 – Imagination is everything
When you buy into a new development there is no physical property to inspect. All you have are artistic renderings and floor plans. You have to use your imagination to envisage how your property will look once completed. If you feel uncertain, it is always best to visit previous developments which the developer has completed to get a feel for what the end result will look like. Do not be put off by a barren construction site. Let your imagination run wild !!
Tip #4 – Ask Questions
Before you make an appointment to view the development, ask your agent for all the marketing information so that when you meet, you can ask informed questions. Ask about the size of the unit, if the complex will be pet friendly and if the unit has a garage or carport.
Tip #5 – All good things come with time
Once you have bought your property, be prepared to wait. Developers can take up to 24 months to produce the finished result. This is a worst case scenario as we have seen developers deliver within 3-4 months. It all depends on the size of the development, the phase in which you have bought and the type of property which needs to be built. it is important to be sure when your home will be completed to that you can be prepared to take occupation.