4 Features of Buying a Condo in a New Residential Complex during the Excavation Phase
Almost half of the apartments in the new buildings were sold until the final stage of construction. This is due to significant cost savings that can reach 25% or more. But in addition to the noticeable benefits, this method of acquiring real estate also carries significant risks. What should be considered to make a bargain, not lose your money and get an apartment on time?
- Advantages of Buying a House during the Excavation Phase
Many people buy apartments in the pit stage due to their benefits. Low housing cost is the main selection criterion. The price is lowered to attract additional funds. Almost every developer is interested in this, because it gets obvious benefits and a large percentage will be able to use the money of common investors to build a house, not the loan funds that need to be repaid. The fewer loan funds used, the lower and more attractive the cost per square metre per dwelling for the buyer.
Plus, the ability to get instalments from the builder. Its duration is negotiated by the parties, but as a rule, it is limited to the construction time of the house. Some companies offer this interest-free.
The opportunity to choose attracts many. When a person shows a desire to buy housing in Tengah EC at the first stage of construction, he is given the opportunity of selecting the circle, square, and floor layout. The most attractive options are purchased at exactly this stage. After the construction of the house is completed, about 20-25% of the apartments are not sold. Many of them are on the upper floors or in an uncomfortable pattern. Multi-room apartments are not requested.
- Where can I find Information about Developers?
A potential buyer should get information about a construction company. If it has a bad reputation, it is better to refuse to make a contract. Pre-commissioned objects will be useful to learn about the history of their construction. In the early stages, the Internet will greatly help you.
To find the developer’s official data may be on their website, the company’s history, investors and creditors, provides information about commissioned objects, objects under construction and completion times. If the company cooperates with the big banks, this is an additional guarantee of reliability for the buyer. The fact that a developer doesn’t have their own site indicates that this is a solid company that is not recommended to rely on your money.
An important source of information is interest holders’ forums and reviews about a particular company. There you can find information that is not specified on the official website. If there is any problem situation, there has been a delay, it will be indicated in the forums, it will also be possible to find information about how the developer solves conflict situations. At this stage, it’s not bad either, visit the construction site itself to make sure the construction work is really underway.
- District Infrastructure
At the pit stage, it is impossible to assess the quality of the building materials used and the uniformity of the walls, but the area is easily predictable. First of all, it is worth understanding how advanced the infrastructure and transportation intersections are in a particular area. The latter is especially true for those who use public transport. Other factors are important for owners of their own vehicles: are there traffic jams on the road from future home to work, what is the quality of the road surface, are there parking spaces in the garden and is there a place in the underground car park?
- What should be considered when buying an Apartment?
When the construction of Tengah Garden residences is completed, the developer invites to accept the purchased apartment, and after the inspection is carried out, the acceptance certificate. At this stage, you need to look at both and indicate the developer in case the previously agreed conditions are not met. It can turn out to be several square meters less than indicated in the documents, because of the uniformity of the surfaces, the quality of workmanship, communication, as well as the area of the apartment. All deficiencies must be addressed and the missing space must be compensated. If the developer is not ready to resolve the conflict peacefully, it will be required to solve the problem through the court.