Common Precautions to Take When Buying Pre-Selling Properties

Posted on 2023-11-19 18:42:35 by DR. SAMUEL O. LAO, REB, MM-REM in Tips and Advice

When considering the purchase of a pre-selling property, it's essential to exercise caution and thorough due diligence to ensure a successful and satisfying investment. Here are some common precautions to follow when buying a pre-selling property:

1. Visit the Project Location: Physically visiting the location of the property is crucial. This allows you to assess the surroundings, accessibility, and potential for future development in the area.

2. Ask for Full Details of the Project: Request comprehensive information about the project, including its developer, background, and any relevant legal documents or permits.

3. Project Timetable of Construction and Turnover: Obtain a clear timeline for the construction phases and the expected turnover date. This helps you plan your finances and move-in schedule accordingly.

4. Project Amenities: Inquire about the amenities that will be available within the project, such as parks, swimming pools, gyms, and security features. Ensure they align with your lifestyle and needs.

5. Unit Features: Understand the specifications and features of the unit you intend to purchase. This includes the size, layout, materials used, and any customization options available.

6. Ask for Total Contract Price and Payment Terms: Request a breakdown of the total contract price, including any additional costs like taxes and fees. Clarify the payment terms, including down payments, installment schedules, and financing options.

7. Home Financing Pre-Approval: If you plan to finance your purchase through a bank loan, it's wise to get pre-approved by a bank before committing. This will give you a clear understanding of your budget and eligibility.

8. Consult a Licensed Broker or Salesperson: For professional guidance and assistance throughout the buying process, consider reaching out to a licensed real estate broker or salesperson. They can provide valuable insights and help you navigate the complexities of property transactions.

In summary, buying a pre-selling property can be a rewarding investment, but it requires careful consideration and thorough research. By following these precautions and seeking professional guidance when needed, you can make an informed decision and ensure a smooth transaction process. For more information and assistance, you can contact Samuel O Lao and Associates at 09173236123.

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