Since Bangkok’s property market has come on leaps and bounds, there are various developers changing the city’s skyline taking advantage of the profit that can be made.
Whilst there are some brand names that have popped up in different locations across the capital, there are also some lesser known developers looking to make their mark. As with any investment it is wise to do your homework on the building, location and even the developer.
Buying from a reputable developer is of paramount importance to protect your investment regardless of whether it is a short or long term strategy. The larger and more well-known developers rely on their reputation for their future success, an element that private investors can take advantage of.
Word of mouth recommendations are an integral part of the property market, therefore, developers will focus on customer experience and care in order to generate as much good press as possible that will lead to more future sales.
Another reason to pick a property from an already established developer is their portfolio of existing properties that can be used as a guide for the overall finish and quality. This is especially important if purchasing off plan. Take time to visit the developers previous projects and if possible, ones of various ages to assess how they have weathered.
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Off plan purchases often fund the build of a new condominium by injecting cash flow into the project. Therefore buying from a lesser known developer naturally comes with its risks as if the sales do not take fruition then it is possible that anyone who might have already invested in the property will run the risk of losing their money.
Additionally, the larger developers will have a strong team who carry out extensive research and feasibility studies checking the viability of the property in its given location to ensure its success. Another element that private investors can benefit from.
Buying property is the single biggest purchase that most people will ever make. Therefore carrying out your own due diligence on the developer before parting with your cash is a vital part of any property purchase. Don’t just be persuaded by the marketing collateral, dig around yourself to see what other information you can unearth.
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