When looking to purchase real estate, it’s easy to get caught up in the glitz and amenities of new developments. However, you need to be extremely careful when looking to settle in these neighborhoods because developers get excited about what they’re creating and tend to interject promises they can’t keep into their sales pitch.
Do your research and don’t get enchanted by possibilities of what you could get; just focus on what you’re actually getting. Below are four common misleading promises that developers make when highlighting the features of their homes for sale.
- There Are Actual Site Photographs – If you’re thinking about purchasing real estate, then visit it in person. Developers usually post photographs of construction to advertise to investors and reassure buyers of progress, but they tend to leave out images of the nearby highway, construction clutter or other unappealing eyesores nearby.
- Prices Are Soon To Be Revised – While many developers advertise prelaunch, launch and completion prices, you still might be able to get a lower price with local investors and real estate agents, so check all sources.
- Your Investment Will Increase – There is no guarantee that the property value of your home will go up, even if there are promises of a new mall or school in the area. While this might in fact be the case, don’t put too much emphasis on this point when adding it to your list of pros.
- Construction Will Be Completed On Time – For construction to finish on time, it largely depends on the funds and management skills of the developer. If you’re on a restricted timeline, then you should ask for references from the developer to see how timely he or she completed past projects.
Don’t set your heart on a property that’s still being developed without doing your homework. The developer might try to sweet talk you into signing, but remember to stay objective and realize that all the promises that have been made might not be able to be kept. If you’re looking to purchase real estate, please call your real estate professional for more information.