Buying a home is not so much a purchase as an investment. As they say, you are NOT buying an apartment, but a PROMISE to build it for you. Therefore, it is important to responsibly approach the choice of object for investment. Also, to speed up the search process, determine your main requirements and expectations from the future apartment (area, number of floors, area, infrastructure, concept, installments, availability of parking space and everything that is important to you).
To check the reliability of the developer, I recommend paying attention to the following criteria:
- Work experience and reputation of the company
Having a good portfolio of already built and inhabited objects – the first thing you need to check when buying real estate. Ask how many years the developer has been working in the market, how many residential complexes have already been built, put into operation, which are planned. Compare project renderings with ready-made houses to understand whether the developer keeps his promises.
2. Openness and publicity
A reliable developer has the information necessary for the investor is freely available: the official website lists the addresses and telephone numbers of the company, posted a license for construction activities, permits and a list of projects.
Mentions in the media are also signs of openness and publicity of the developer. Notice who speaks on behalf of the company, how public the head of the company, top management. It is important that employees share news related to her activities on social networks and do not hide their involvement in the workplace.
For the construction of a house or residential complex, the developer must have the following package of documents:
● construction permit;
● land documents (land ownership, land lease or sublease agreement, superficies);
● expert report;
● urban conditions and restrictions;
● detailed plan of the territory and building plan.
The developer’s cooperation with leading market companies or large banks is another indicator that will strengthen its status. For example, if the bank lends for the purchase of housing in the complexes – then he has carefully checked the developer and you can be sure not only in the transparency of conditions, but also in the reliability of their investments. As a rule, a small number of banks are willing to give a mortgage loan and they cooperate with a limited list of developers.
5. Price per square meter
The price is below the market average – an alarm signal. The cost of a meter must always be justified. Too low a price indicates the presence of tricks and obvious risks. Sometimes the understated cost is the reason that the developer most likely lacks capital and he wants to raise funds from his lost profits. Most often, such objects are rented with long delays or not completed at all.
When choosing a property, all factors are important. Pay attention to the general atmosphere in the sales department, the appearance of employees, how you are greeted and communicated. You must have a full understanding that the sales manager is a true real estate expert and can provide complete and high-quality information about the object and the market as a whole. Competence, confidence, level of communication of the manager form the reputation and impressions of the company.
These are just some of the points to keep in mind. It is important to understand that investing in real estate is a risk in any case, but with proper analysis it can be minimized.
More useful real estate information — on the channel Director of New Buildings