When purchasing a lot from a developer, the most vital thing you can do in the whole process, is obtain as much knowledge as you possibly can about the property you are considering.
Here is a sampling of the things you need to know ahead of time. Remember, while a lot of these points may seem like a given, if you are in a high pressure sales environment that makes your feel like you have to buy straight away, these points might get overlooked.
Its important to know exactly who you are dealing with. Find out all you can about the developer and how reliable they are.
Find out all there is to know about the particular lot you are considering as well as the area of development. What kind of information should you need to know? Some examples of these things would be:
- What size will the development be when it is all finished?
- What type of amenities will be available?
- Will you have access roads to your particular property? And who would be responsible for the maintenance of them?
- Is everything you have been promised you’ll get, written in the contract?
- What would happen to your property if the developer defaults on a mortgage or goes bankrupt?
- What types of restrictions you could have on your property, such as could you live on site while the home is being constructed?
- When the developer has completed work, what provisions for maintaining the development are there?
- Who do your payments go to?
- What kind of annual fees can you expect to pay?
This is just a sample of the kind of information you will need to know before you sign a contract. One of the best options to help you with this process is to hire a InterNACHI Certified Home Inspector. Please don’t hesitate to contact us.