Checking on their credentials and backgrounds before making a home-buying decision can help save a trip tp the court.
Choosing the right developer is an essential task for any potential homebuyer to consider to avoid possible scenarios where the developer cannot deliver units as promised.
Buyers should review a developers portfolio before making a decision. If the developer is new to the market area, buyers should take extreme caution. Check with your local Builders Association and better business bureau before proceeding.
If the project is offered by a new company with no track record of successful projects, the buyer should wait until the project is almost finished.
Consumers should be aware of a common practice in the property business. Many companies set up a new firm that is responsible for a specific project, partly for simplifying tax and legal issue. Meanwhile, some unscrupulous companies use this strategy to escape responsibility when things go wrong later on.
Therefore, many people refuse to buy into a project despite attractive prices, as developers usually launch a project at a promotional price and later increase prices of completed units.
There is also the chance that re-sale units are cheaper than the original prices. Always spend time to review the developer carefully.
Most Buyer agents have the information you are looking for. If they do not have the info, they have the resourses to get it for you. Better safe than sorry!!!!
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