Easy ways to ensure your property investment doesn’t turn into a nightmare
You have either experienced it yourself or seen someone close to you go through the pain and stress of a property investment gone sour. There are many ways in which your dream condo can turn into your own personal nightmare, whether the whole building starts falling apart apart some years after purchase or worst still ( and this is happening ever more often as pre-sold schemes are becoming the norm) the actual project was never finished leaving you with nothing more than expectations and a cloud of dust.
Here at East Coast Real Estate we pride ourselves with providing honest and quality advice to all our clients, it is very important that you don’t jump into quick buys and do your research properly. We are more than happy to answer all your questions and doubts, all you have to do is contact us through our official website. That said, before you go deep into the potential returns and payment options, we would like you to consider some easier factors that you can start thinking about when attempting to make a good investment choice. Let’s examine some of these right now:
One of the biggest mistakes we see people doing is buying Condo’s in a rush because they were told the prices will go up soon. Don’t fall into this trap, if you are here for holidays and have a short time to explore the hundreds of developments that you can choose from, then don’t buy anything: Plan another trip (or set a week or two of free time) so that you have an appropriate amount of time to see a lot of different options before making a decision.
We have seen it many times, prowling real estate agents will know you don’t have the time to go around town so they will pitch riskier options i.e pre-sold developments that might or might not have enough sales to actually be built, so that they can get a quick commission, after all, is not like you are going to check the developer’s track record are you? You are here for holidays and probably have better things to do than see hundreds of different condos, if this is your case, then don’t buy anything!
- Check the developer’s track record, has any of their past projects gone bad?
- Make the time or plan a separate trip to see as many different options as you can
- Compare prices, location, amount of units sold (which will determine the likeability of the condo being finished)
- Get as much advice as you can from people that have bought in the past
- Do not ever let or trust agents to make a quick purchase
This one is actually a very simple and easy way to ensure you at least buy a property that will stand the test of time. You will be surprised (shocked really) to know many developers build pretty condo apartments without second thought to what will happen to the building in 10 years.
All you have to do is make sure that the developer has put some thought into the maintenance part of the deal: was the building designed for easy maintenance? Has quality pipes being used during the construction? Are the walls thick, sturdy and made from good materials? Is the pretty pool with lights actually well built or is it a rectangular concrete box that will be leaking and destroying all the facilities within 3 years of the construction? I know it sounds kind of silly, but the amount of cheap constructions out there are scary indeed, just be careful and ask the right questions.
Also, there are developers out there in sin city that do care about the integrity of their buildings. You can identify these one because they put a lot of emphasis on the future maintenance of the building i.e they either hire a maintenance company to ensure the quality of the building will be maintained throughout the years or (which is even better) they themselves are the maintenance company that provides this service. Again though, you will only find out about this if you go and see many developments before making a purchase, so take your time!