7 Steps To Finding The Right Property Developer
Indigo Properties’ Dev Maitra shares his advice on how to pick the right real estate developer when searching for your dream home in Dubai
As one of the hottest real estate markets in the region, Dubai is brimming with opportunities for property buyers and renters alike. While many dream of owning their own property in the Emirate, landing the ideal home is a tricky process due to the sheer number of developers and projects in the market.
Dev Maitra, CEO of Indigo Properties, shares his top seven tips on how to choose the right developer when searching for the dream home.
Visit their websites
Log on to the developers' websites to get an insight of the companies. The website should be able to provide you the answers to questions such as who are the owners; what is their history; who are their partners and associates; how long have the companies been in existence; and, what are their completed and ongoing projects.
Visit completed projects
“Seeing is believing” – what cannot please the eyes cannot reach the heart. Therefore, make a visit to the completed projects of the developer. The quality of their completed projects will tell you what the company believes in. Find out about the layouts and finishes of their completed projects to know what to expect from their future projects. These visits would revert a whole lot about the developments like build and finish quality, layout planning, durability and upkeep.
Talk to existing owners
A quick chat with an existing property owner in the project of a developer of interest will quickly reveal the developer’s or the developments pros and cons. Only a current owner can give you real unbiased insight into the developer’s way of working. You could ask questions about rental ease and yields, developer reliability and service standards, satisfaction levels, quality of product, parking issues, snagging, teething problems and many other not-so-visible aspects of property ownership.
Visit their social media platforms/other online research
The internet enables you to get feedback from various sources. A visit to the developer’s social media platforms would reveal latest news, achievements, events and any special promotions that they are running. An online search would give you access to various forums where you can talk about the developer or their projects and get feedback from multiple respondents.
A visit to the sales centre of the developer will reveal a lot about their way of working. You can meet a sales representative and clarify all your doubts and queries by questioning him or her directly. Developers usually hire experienced professionals who would not only be able to answer the development-specific questions, but also guide you on a wide variety of real-estate related topics like laws, finance and insurance. A visit to their current workplace will tell you how the post sales service will be.
A good developer will always have tie-ups with major banks that can provide you with the financial support in purchasing your dream home. Therefore, it is important to note the alliances that a developer has with the financial institutions to ease the transactions.
Pricing, Payment Plan and other extras
Is the price the developer is offering you the right value for their product? Do they have products to fit every budget, are they willing to negotiate on their price? Ensure these questions are answered. Do they provide any equipment in the home and does the payment plan they offer suit your flow of cash? Also remember to check with the rate of return you would get on your investment to help you better understand their pricing, and ease your decision-making process.
Check if they have a good facilities management company for their completed projects, and if there is an owners' association formed for their existing projects. Answers to these questions will tell you a lot more about the work culture of the developer.