How not to be Deceived when Buying a Condo Unit in New Development?

Buying a condo property is a long-awaited event. Most take years to buy real estate, as it requires a lot of investment. It comes with a number of hazards that might leave the customer with no money and no results. Canninghill Piers listed down the points to look out for when buying a unit from new developments.

1.      Protracted construction

If you buy housing at the stage of construction or “foundation pit”, you can save a lot. At the same time, you will have to wait several years until the developer completes the house, puts it into operation and receives a postal address. Then, the procedure for preparing the issuance of documents for the right of ownership, the issuance of the very right of ownership will begin. The final stage is the transfer by the developer of the object to the balance of the management company.

Protracted construction can disrupt the sequential chain of events. In order not to get into a similar situation, before visiting the developer’s office, study his business reputation, experience in the field of construction, completed objects and reviews of the settled tenants. Information can be found on the internet. Most builders and developers have their own websites. The site is a “portrait” of the company. This will show the attitude of the company towards its customers.

2.      Land plot and its purpose

When meeting at the office, get information from the manager about the documents of the developer itself and the object under construction. The construction company has constituent documents, a certificate of state registration, a project declaration. Construction documents include:

  • Land documentation that determines the eligibility of using a particular site;
  • Construction permits;
  • Financial solvency. The bank verifies it as part of its investigation into possible sources of construction funding.
  • Obligatory clauses of the contract:
  • Write down the area, floor, location of the apartment that you will receive in ownership;
  • All data on prices, options and payment terms;
  • The period within which the developer undertakes to transfer the property into ownership;
  • The warranty period during which the company undertakes to correct all kinds of construction defects;
  • Penalties for violation of the contract;
  • Terms of termination of the contract.

3.      Low construction level

When choosing housing in a new building, ask about the type of building and what materials are used. When the building is ready, it is difficult to see what is under the cladding and plastering. During the construction phase, you can visit the construction site with a company manager.

When the house is built and you go to take the apartment, pay attention to all the details inside. There are no trifles here! If there are deficiencies, then describe everything in detail and do not accept housing until they are eliminated.

Some shortcomings can be identified only by starting repairs or after you have lived in an apartment for some time. For such cases, the contract provides for a warranty period.

4.      Assessing the infrastructure

Ask on the Internet about the ecological situation in the area: are there any harmful enterprises, a railway, a landfill near the house. Ask the developer if the landscaping will be done and in what time frame. Another option is to read more on Canninghill Piers project details and get an idea about the facilities offered by CapitaLand, CDL, and Ascott Residence Trust.

Developed infrastructure, closed territory, security system, parking, close location to the main transport routes are the determining factors for a future comfortable life in a new building. A pleasant view from the window can be a pleasant bonus, but it should not be fundamental when choosing an apartment.

You can invest in a new building if you take into account the possible pitfalls. With the right approach, you can get around them and enjoy living in River Valley Road.

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