Developer v private seller
Buying from a Developer
Here are some key points to consider:
New Construction: Developers offer new properties, which means you get a brand-new home or apartment with the latest amenities and modern designs. You may also have the option to customise certain features like flooring, tiles, worktops.
Amenities and Facilities: Many developers create communities or complexes with shared amenities such as gyms, pools, parks, and security systems, which can add value to the property and enhance your lifestyle.
Warranties: New constructions often come with warranties for appliances, fixtures, and structural elements. This can give you peace of mind for potential repairs or replacements in the early years of ownership.
Incentives: Developers may offer incentives to attract buyers, such as discounts, waived fees, or financing options. These incentives can make the purchase more financially attractive.
Longer Wait Time: Buying from a developer involves waiting for the construction to be completed, which could take several months to a year or more. But not in all cases thankfully, and many developments are well progressed by the time potential buyers are able to look around. It is also often the case that the developers and their lawyers will already have done a lot of the legal work beforehand which will make the buying process quicker.
Limited Room for Negotiation: Despite the incentives they may offer, developers often have set prices and can be less flexible in negotiations compared to private sellers.
Show Home: Remember the show home may not look identical to the property you decide to purchase and has been deliberately fitted to look as attractive as possible to entice a sale! However, it will give you some inspiration and help you decide on items to customise and help you with asking for incentives or items to be thrown in with your purchase. There is also the possibility of buying the Show Home – often at a reduced price.
Buying from a Private Seller?
Here are some key points to consider:
Existing Properties: Buying from a private seller means you're purchasing an existing property. This is highly likely to mean the house has been lived in and might have some wear and tear, but it also means you can see exactly what you're buying.
Negotiation Flexibility: Private sellers might be more open to negotiation on the price, especially if they are motivated to sell quickly.
Faster Closing Process: With an existing property, the closing process can be quicker compared to waiting for new construction to be completed.
Established Neighbourhoods: Private sellers' properties are often located in established neighbourhoods with established amenities, schools, and other facilities. And you have no risk of moving into a building site or waiting for amenities to be constructed like in a new development.
No Customisation: While you can renovate and personalise an existing property, you won't have the same level of customisation options as you would with new construction.
Inspection and History: You can conduct inspections and research the property's history before making a decision, which can provide a better understanding of its condition and any potential issues.
In conclusion, buying from a developer is ideal for you if you want a brand-new property with modern amenities, are willing to wait for construction, and prefer limited negotiation.
If you do not want something brand-new and would prefer a period property, you want a quicker closing process, are interested in an established neighbourhood, and desire more room for negotiation, go for a private sale.