Buying a property is undoubtedly one of the riskiest tasks you have to undertake in your life. After all, it is not grocery shopping that even if you make some mistake purchases, you can deal with it as it might involve just a few days of misery. Property is a lifetime purchase and you will be bearing its consequences long-term.
Therefore, making smart and informed choices is crucial in ensuring your investment is safe and secure. Now, there are various sources of purchasing properties. However, one of the most common ones among them is buying the property directly from the developer. But is it worth it? What are some of the advantages and disadvantages of buying a property directly from a developer? We check everything related to it in this space.
The Pros of Purchasing a Property Directly From the Developer
Before we get into the pros of buying a property directly from the developer, we must make it clear that all the below points are applicable only when you are getting involved with a reputed brand. Make sure you research properly and pick a real estate developer who has been in the business for a long time or who has immense positive reviews.
With that being said, here are some of the advantages you can avail of when you purchase a property directly from a developer.
Sturdy Construction
Having a sturdy and strong foundation for your building is crucial in ensuring its longevity and safety. When you purchase a property directly from a well-known developer, you know you are going to get top-notch construction quality.
These developers employ skilled engineers, architects, designers, laborers, and construction teams who use scientific methods and high-quality materials to build properties to last a lifetime. The long-term safety and satisfaction you get from high-quality construction that is not only strong but also aesthetically appealing is worth it.
Guaranteed Project Completion
When you are purchasing an off-plan property, one of the biggest risks is often associated with the completion of the project. Buying it directly from the developer ensures guaranteed on-time project completion as they are also liable and answerable to governments and banks and in many cases are not eligible to be paid unless the completion of the project.
You don’t want to deal with delays which may ultimately lead to uncertainty, inconvenience, and additional costs. Reputed developers have the financial backing and infrastructure required to schedule their projects with consistency and you will have the advantage of reliability.
State-of-the-art Amenities
Reputed builders ensure that the property that they are selling is blessed with state-of-the-art amenities that will heighten your luxurious lifestyle. These amenities are often adjacent to your needs and requirements and can make for an opulent living space.
From infinity pools to fitness centers, from 24*7 security systems to BBQ areas, modern amenities make your life in an urban setting convenient and comfortable. Reputed developers understand this and therefore leave no stone unturned in ensuring you have an enriching urban living experience.
Easy Loan Sanctions
A major aspect of purchasing the property of your dream involves securing a home loan. You will have a much tougher road when you are pitching to your bank to get you a loan for buying a property from an unknown or unreliable source. Since high-end and reputed real estate developers have been in the business, they have earned credibility and trust in the market.
Financial institutions such as the bank you are applying for loans from view properties by such developers as a favorable project and are more inclined to approve loans against them. Therefore, you can swiftly jump one of the biggest financial hurdles in your property purchasing journey.
High Investment Value
It is a known fact that properties are not only bought for living in them. Whether you are renting them out or reselling them immediately or after a few months or years, the investment value of a property is to be noted while making such a purchase. Properties built by reputed developers often carry a higher value for appreciation.
This is because these builders build their projects in strategic locations and fill them up with modern amenities. When you purchase properties directly from them, this strategic financial decision can pay huge dividends in the long run.
Transparent Transactions and Legal Compliances
One of the salient aspects that must not be ignored at any cost while purchasing a property is noting the commitment of a buying source. Whether it is towards providing transparency in transactions or putting unparalleled efforts to adhere to legal regulations, these actions can play a huge role in securing not only your investment but the property at large.
It will also ensure that you don’t have to deal with any unwanted hidden surprises down the road. A reputed builder will provide you with clear documentation and that the property has all the necessary permits and approvals from the government.
Impressive Customer Service
Seamless customer support can ease your buying and living experience. Recognized property developers prioritize their customers and therefore provide relentless support to them so that their purchasing journey is smooth and enjoyable.
Buying properties is a long-term investment and you will require a lot of assistance in various fields. With customer support by your side, your chances of having a satisfactory journey increase. As most customer support extends beyond just the initial purchase, you are more likely to have a trusted partner by your side.
Community Development
Purchasing a property from an established developer ensures that you get wholesome benefits that will result from their holistic approach toward design and development. Reputed developers often build comprehensive projects that not only involve a single building but an entire neighborhood or community.
Therefore, they make sure you have easy access to shopping centers, hospitals, schools, entertainment zones, and transportation facilities alongside a family-friendly neighborhood. The integrated living space that these developers create also takes care of sustainability and prioritizes energy efficiency, which results in lower utility bills, resulting in reduced energy consumption and economic benefit.
The Cons of Purchasing a Property Directly From the Developer
As with anything in real estate, there are certain cons associated with purchasing a property directly from the developer. For you to make an informed decision, you need to be aware of them as well so that your investment is worth it in the long run. Keeping these points in mind will ensure you balance out the pros and cons and decide accordingly.
So, here are some of the disadvantages you are vulnerable to when you purchase a property directly from a developer.
Risk of Abandoned Projects
Although reputed real estate developers provide guaranteed completion of projects, you still need to prepare yourself for any mishaps that may lead to the abandonment of the project. For instance, it is not outside the realm of possibility that the project you invested in gets abandoned due to the real estate developer going bankrupt.
In this case, you still need to pay the housing loans. This can be detrimental to your financial security. Therefore, you need to practice extreme caution before finalizing your choice of the source where you buy your property from.
Heavy Groundwork
There is no dearth of real estate developers anywhere in the world. With the market being so competitive, selecting one reliable property developer requires heavy groundwork from your end. You will need to research thoroughly to ensure the one you are selecting is a reputed one and has a credible history. Your research might also include consulting with previous buyers about the construction quality and services.
Enquiring about any legal demarcations faced by the company in question is also important. All this research can take up a lot of time and energy. Although this is absolutely necessary, it can get extremely tiring after a point of time.
To Conclude
Buying properties directly from the developer has its advantages and disadvantages. Even though we believe that the pros outweigh the cons, you need to make a wise decision by taking into consideration all the aforementioned points.
At the end of the day, you need to ensure your hard-earned money is invested at the right source. Not to mention, selecting a reputed and only trusted real estate developer is a must and you should not make any compromise in that regard.
