Buying a developer-built home is often the most convenient option for prospective homebuyers, but making the right choice can be a challenge, with so many real estate developers and projects to choose from.
In this week’s newsroom post, we discuss the most important considerations you should keep in mind when choosing a real estate developer.
Do a Background Check
Given the cost of a home, it’s important to learn more about developers before buying from them. The first thing you should review is their track record. How many communities have they developed? How much have their properties appreciated in value over time? Word of mouth is also a good indicator of a developer’s reputation; if you have friends or relatives who bought a home from a certain developer, be sure to ask about their experience.
Pay special attention to the community’s location, too. Most prefer locations that are close to shopping districts, business centers, schools, and the like. Check if the area is also prone to flooding.
Also consider the community’s accessibility. How easy is it to get there using public transportation? Are the roads in good condition? Developers should consider working with local traffic management groups when starting a new project.
Visit the Showroom
Once you’ve drawn up a shortlist, it’s time to drop by the project’s showroom or model unit. Ask about the house specifications: What is its lot and floor area? How many rooms and bathrooms does it have? Are there options for expansion or upgrade? Likewise, ask about the recreational amenities that the community offers, including parks and open spaces.
Don’t forget to ask about the build quality and finishing of the house as well. How are the walls constructed? How thick are the partitions? What material is the kitchen countertop made of?
Other specifications to ask include: ceiling height, ventilation, drainage and septic tank provisions, and availability of streetlights in the neighborhood.
Ask About Fees Excluded in the Advertised Price
Don’t forget to ask real estate developers about miscellaneous fees as well. These include Transfer of Title and title fees; higher costs for prime lots; 12% VAT if the home price exceeds P3,199,200; and of course, the monthly association dues.
Know Your Rights as a Home Buyer
Home buyers are entitled to certain consumer rights that all developers must honor. Be sure to read and understand the developer’s warranty policy and thoroughly check the unit upon turnover. Sometimes, there are defects in the construction of a home that you will only notice once you actually live there. For defects due to faulty construction, the developer should provide free materials and labor for repairs, granted that the repair works are still within the stipulated warranty and warranty period.
Turnover date of the units must also be guaranteed. They should be delivered on time or even earlier than promised. Home buyers can also look at the developer’s track record of delivering projects on time.
The developer should also guarantee the safety and quality of the electricals installed in the project. Likewise, they should have flood control measures to protect the community in times of bad weather.
Don’t be Afraid to Ask a Lot of Questions
Buying a home is a major milestone, so you can never ask too many questions. Any reputable real estate developer will gladly address all your queries.
When you’re ready to take the leap to homeownership, check out Narra Park Residences, Nurtura Land and Home’s maiden development at www.nurtura.ph/narrapark. You can also send us an email or a message on Facebook, and we’ll be happy to answer all of your questions.
All photos from Nurtura Land & Home and Pixabay.com