Gaining as much information when purchasing a lot from a developer, is one of the most vital things you can do in the whole building process. You really must find out as much as you can about the property you are considering.
Here is a list of some of the questions you will need answers to ahead of time. We know a lot of these points may seem like a given, but the fact is that if you are in a high pressure sales environment that makes your feel like you have to sign a contract straight away, these questions might get overlooked.
Its important to know all you can about the developer you will be dealing with. Things you want to know are how reliable are they? Do they have a good reputation?
You also want to know all there is to know about the lot you are considering purchasing, not to mention the area of development. What kind of things should you find out about?
Here are a few examples:
- What size is the development going to be when it is completed?
- What type of amenities can you expect to enjoy?
- What about the access roads to your particular property? Will they provide them and who would be responsible for the maintenance of them?
- Does the contract contain everything you’ve been promised in the sales pitch?
- If something happens to the developer which makes him go bankrupt, what will happen to your property?
- Could you live on site while the home is being constructed? What types of restrictions exist for situations like these?
- When the developer completes work, what allowances are there for maintaining the development?
- What can you expect to pay in terms of annual fees?
This is just a little sample of the types of questions you will need answers for. We are here to help you with whatever you need. Remember, never sign a contract without the proper information.