Are you finally realizing your dream by buying a home or an office for your business? A right property developer is a crucial factor for building your dream home or office space.
The reputation of a property developer is extremely important but also an overlooked factor while investing in properties. Many people fall for the sales talks, easy payment schemes and the attractive brochures, ending up investing in a bad quality property whose value doesn’t match your payment. There are many key factors to consider when choosing a property. You should ask yourself several questions before signing a contract and putting a huge down payment.
Those questions are typically things you need to look out for, including “Can this company deliver its promises? Does this company have experience? What do people say about them?”
Last but not least, a good property developer doesn’t just build you a roof and floor to live in, but also develop the area and increase its value, which increases your quality of life. Here I have gathered 3 things you should look out for when choosing a real estate company.
Previous works that a property developer has done is one of the best indicators if it is a right one for you.
Do they have experience? Do they have an impressive portfolio of work? Have they ever made any mistake and learnt from them? Have they built properties in similar circumstances?
An experienced property developer is always better in delivering its promises than those without experience. Ask those questions and see what the answers are. You may only want to discuss further if a property developer can answer yes to all the questions above.
Reviews are typically the most powerful tool to know if a service is good. Most of us check out reviews when we are picking a hotel for holiday or even a restaurant to eat out.
It is the same with choosing a property developer. You can usually learn a lot of valuable information about a property developer. Do they have a good reputation?
Have their clients been happy and satisfied with their work? One of the best practices is to go online and see what people have said about them, even you can contact their previous client and ask for their opinions.
3. Financial Stability
Another thing you want to make sure regarding if a property developer would be able to deliver its promise is to check their financial stability.
Go through their financial background and records including their annual report, incorporation date and credit rating. Having financial stability is one of the factors that promises that they are able to complete the project within the schedule.
A property developer without stable funds might end up using cheap and bad-quality material to cut cost. See your property developer as your business partner, you would not want to have a business partner that is about to go bankrupt right?
If you are a first-time property investor, hopefully you now have a better idea of what to look out for in a property developer. One of the most secure strategy is to seek legal and professional help if you are unsure at any time. You don’t want your dream to be turned into a nightmare.