As a purchaser, the decision to buy off a property developer comes down to it reputation, the price, growth forecasts and suitability (for rental or liveability)
Off the plan properties offer an attractive alternative because a property constructed by a developer requires zero upfront maintenance; and you are given the opportunity to customise the property. Investors should be aware of:
When choosing to buy off the plan or brand new from a developer, itâ€™s important to first consider their reputation. Too many would be investors fail to see past smooth sales pitches and glossy brochures without doing their due diligence, or asking themselves the right questions.
Proactively seeking out answers to these enquiries, organising a face to face meeting with the developers and even visiting the proposed construction site of the property are all practical methods for validating the credibility of the developer or development company. Not only does this eliminate any uncertainty surrounding off the plan purchases; youâ€™ll now be able to expedite the investment process and approach any transaction with confidence.
Finding a developer with a proven track record is much easier than many Australianâ€™s think. With the internet and social media comes a new era of transparency, where dodgy builders are publicly named and shamed. If youâ€™re thinking of buying an investment property in 2018 or growing an existing portfolio, it pays to take your time when looking for a trustworthy developer.
Over 2018, PMI will aspire to provide transparency and visibility into the reputation of property developers.
Urban task force is a continued force in property development, seeking out the best in field. The below list are the 2017 award winners â€“ which, to the collective knowledge of PMI â€“ are all amazing developers to start you research with
Check back in the next few days for our series on finding the right property developer for you