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How To Save Thousands On Your Holiday Purchase

May 16, 2008
One of the most obvious things most people don't think about is buying direct from the developer directly and not using a local real estate agent. Most local agents are selling either their own projects they developed on their own or some other project that the agent is getting extra commission on. They will go on and on how they sell on unbiasesed basis but the truth remains the same. They sell the properties they make the most commissions on. Some agents do know the local market but are in the business of buying low and selling high. I remember going to see an agent in town when I was new in town. He showed me three different properties. All three I found out later he or his partner owned. So remember you will get the best deal if you go to see the developer directly and save.

Buy properties developers will wheel and deal on
Most developers are trying to make a big name for themselves. The only way to do this is to have successful projects in their portfolio. This means the developer needs to complete a project on time and that the customers who bought in on pre-construction are happy with their purchase.

New developers who lack many successful projects under their belt may be more willing to negotiate on the price. Best thing to ask the developer is what project they have completed in the past. They should be able to provide a few customer references also. If they cannot do this, they may be a new inexperienced developer.

Knowing this will allow you to save because you know you can make a great reference. By letting the customer use your name as a reference he may give you some extra discounts that a normal customer may not receive.

Check local Market prices
Know what the local prices are selling for in the area. Make sure to compare apples to apples however. Some properties and very little common area and other have as much as 25%. Knowing this will help you evaluate the property you looking to purchase. I found the best way to do this is looking at the price list sheets and either downloading them or printing them off. Put all the projects you like side by side and compare them. Also look in the local newspaper for news events and promotion shows. Most places will also have real estate or home shows every few months. This is a great place to pick up new information about projects that are just starting.

Buy pre-construction to save raising costs
There are whole books written about buying pre-construction properties. The pros and cons to both. I like pre-construction properties because you get in on ground level. One of the things you want to make sure here is that the building permit has been issued for the project.

You may even want to keep talking with the developer to make sure your stage payments don't come until the project is at least 50% complete. If you're buying in a western country they may even have escrow accounts that can keep your money safe during the early stages of construction. Countries like Mexico and Thailand do not so better to negotiate to keep your risk as low as possible.

Most developers will want 50-80% during construction and the balance due on completion. Thanks for reading and please sign up for my newsletter if you would like more information on saving on your holiday purchase.
About the Author
Scott Riefler is an expert in
Phuket Real Estate. He has
written several informative articles. He
regularly contributes articles on
Apartments in
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