Whether you are building your dream home or creating an office space for your company, a property developer can significantly aide you in your quest. These individuals or companies have the experience, contacts and driving power to take the stress out of the process and speed it up. Ron Bakir, CEO of HomeCorp, a large Australian urban planning company, is more than familiar with the types of property developers in the marketplace. Using his wisdom, here are four things to look for when choosing yours.
One of the best indicators as to whether a particular property developer is right for you is their prior works. Do they have an impressive portfolio of work? Have they learnt from any previous mistakes? Have they created similar properties in similar circumstances? If the answer is yes to all of the above, it’s fair to say that they will have the resources and experience to successfully create your office or home. Check out the developer’s website and portfolio and take the time to read independent reviews and valuations.
Speaking of reviews, you will learn a lot of valuable information about a prospective developer by gaging their standing in the public and business arenas. Are they trustworthy? Reliable? Did they provide a quality service? Were they efficient? Many companies, such as Ron Bakir’s HomeCorp, will have customer testimonials listed on their website; use this as a starting point and contact these clients for their opinion. In order to paint an independent picture, try and find other customers to quiz too. You may even be allowed to visit sites under construction or model homes to help you in your decision.
3. Financial Stability
Sometimes you will need to dig deeper in order to get a full, clear understanding of an entity’s credentials. This means doing a thorough background check on their financial records including their annual report, incorporation date and credit rating. Think of your property developer as a partner who you are going into business with; you wouldn’t want to discover that they were going bankrupt, would you?
4. Clear, Communicated Plans
Before you sign a contract or enter any formalities, ensure that you have received a detailed plan for the works. What is their vision? Does it align with yours? Will construction take too long? What exactly is included in the price for their services? This is your future property so make sure that you have your say and that you’re comfortable with the payment arrangement. If you receive a half-hearted, vague document, it’s probably time to move on.
Hopefully you now have a clearer idea of what to look for in a property developer. Remember: if you are unsure at any time, obtain the advice of an independent legal professional. Don’t let your dream be turned into a nightmare!
Have you recently built a new property? Do you have any advice or questions? Share them in the comments section below.
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