1
Choosing a reputable developerEnsure the developer has a solid track record of completing projects on time and to the agreed specifications. Your Prime Neighbourhood realtor, who is the link between you and the developer should provide insights into the developer’s reputation and previous projects.
2
Verify legal and regulatory complianceCheck that the developer has all necessary approvals, including planning permits and land titles. Your Prime Neighbourhood realtor should help verify these documents and ensure there are no legal issues with the property.
3
Understand the project’s blueprintReview the architectural plans and project timeline carefully. Your Prime Neighbourhood realtor should assist in ensuring that the design and projected completion date align with your expectations.
4
Inspect the siteIf possible, visit the construction site to assess progress and quality of work. Your Prime Neighbourhood realtor should help facilitate this visit and provide feedback on the construction process. Adhere to safety practices, including wearing safety gear and following site rules.
5
Clarify payment termsUnderstand the payment structure, including deposits, milestone payments, and final balance. Your Prime Neighbourhood realtor can help negotiate favorable terms and explain the payment schedule.
6
Review the contract thoroughlyEnsure the contract covers project completion dates, penalties for delays, and quality guarantees. Engage a lawyer with your realtor’s assistance to avoid any pitfalls.
7
Check for warranties and guaranteesConfirm if the developer offers warranties on construction defects or issues that may arise after completion. Ensure these are clearly stated in the contract with your realtor’s help.
8
Assess the project’s locationEvaluate the location for its potential for appreciation, infrastructure development, and accessibility. Your realtor should provide valuable insights into the neighbourhood’s growth prospects.
9
Understand the developer’s track recordResearch the developer’s history of project completions and customer feedback. Your Prime Neighbourhood realtor should provide references or reviews from previous buyers.
10
Plan for financingIf using a mortgage or loan, ensure your financial arrangements are in place. Your realtor can guide you on how to align your financing with the project’s payment schedule.
11
Monitor construction progressRegularly check the construction progress. Your realtor should provide regular updates and ensure that the work meets the agreed standards and timeline.
12
Prepare for handoverUnderstand the process for property handover, including inspections and final documentation. Your realtor should help navigate this process smoothly.
