New Home Developments Can Be Great Opportunities

Moving into a new home development whether it is a townhouse, condo or apartment can offer many advantages to buyers. To avoid buyer’s remorse, future homeowners should do research and detailed planning. An owner’s options can significantly decrease after he moves into the unit.

Floor Plans

The larger the development, the great the variety of floor plans available as well as choices of location. The earlier a buyer starts looking at a development the better chances he has of obtaining the ideal unit for him.

Layout of the home is important to consider if the buyer already has a bunch of furniture to move into the new unit. If the new master bedroom is not large enough for a queen-sized bed, the buyer will have to throw out the old bed and buy a smaller one.

If the new unit is huge and unfurnished, the buyer needs to account for the cost of filling it up. Without furniture, a large space with tile or hardwood floors can have an annoying echo.

If the buyer wants more children in the next few years, spare rooms might come in handy. Another reason for a larger unit is resale value. It might be hard to sell a one-bedroom apartment in a slow real estate market.

Research Thoroughly

Buyers should research the developer’s previous projects. Find out whether they were completed on time. Google for lawsuits and complaints from tenants.

Don’t just settle for a pretty illustration of the project before signing a contract. Check out the neighborhood, schools, roads and mass transit situation. Find out what the local government and other developers are planning in the area. Zoning laws tend to change when new businesses want to relocate.

One way to find out more about new home developments in Thailand is to search on DDProperty. Visitors can search for units based on price, location, type and other factors. Web pages for individual listings of planned homes include photos from the developer’s literature and diagrams of floor plans.

Many of the details about the individual unit are on the web page including the dimensions, number of rooms and amount of furniture. The listing also includes information about the development’s facilities. For larger projects, the list can include

• Parking
• Club house
• Squash courts
• Sauna
• Security

The listing page has a map of the area visitors can search based on criteria such as schools, restaurants, mass transit and shopping. Interested buyers can contact the listing agent for the development with the provided phone number or through the contact form on the web page.

Avoid Surprises

Aside from reviewing the contract long before signing it, buyers should ask many questions. Find out what the monthly fees are for the complex and whether there will be any special assessments for improvements.

Sometimes, developers charge buyers for part of the superintendent’s unit. Building taxes, insurance and lawyer’s fees can add up for tenants. Depending on the housing market in the area, developers can make concessions to buyers in the form of closing cost rebates, free storage and parking.

Find out what the pet policy is for the complex and any other restrictions pertaining to decorating or altering the inside of the unit. Townhouse developments can be very strict about the outside appearance of individual properties. If development has a marina, make sure to nail down who will be managing it and whether the slips are included in the cost of the unit.

If a buyer plans on reselling the unit or renting it out, there may be more restrictions to consider. Early buyers may get to choose a building that will only have owners. Renters tend not to treat properties as well as owners, and that can affect a unit’s resale price.

Pre-move Upgrades

A big advantage of purchasing a unit while the development is still under construction is the option to buy upgrades. The prices will be lower and a lot less hassle before the development is complete.

Upgrades can included flooring, bathroom fixtures, kitchen counter tops and appliances. Beware some features may outlive their usefulness such as intercoms and touch-screens. Additional sound-proofing can be a great investment.

Mortgage and Moving

Shopping around for a mortgage beyond accepting the developer’s deal cannot hurt. Getting the lowest interest rate and best terms can make life simpler down the road. Refinancing can be costly and a hassle.

When buying a unit during the pre-construction phase, it is best to leave a few months of cushion beyond the promised completion (outside) date. Buyers don’t want to get stuck in a hotel while the developer works through delays. There should be a drop-dead date that allows buyers to cancel a contract, if they don’t want to wait beyond it, says Lucy Cohen Blatter of Brick Underground.