Buying a flat from a developer

Choosing a reliable developer

Not every developer is reliable and sufficiently financially stable. Flats may not be completed on time, or at all, or may not be finished to an adequate standard, leaving new owners to deal with various defects and unfinished work. Here are some steps you can take to check a developer:

History and experience

Find out how long the developer has been operating in the market and what experience they have in delivering similar projects. A long-standing market presence may indicate stability and reliability.

References and feedback

Ask the developer for references from previous customers, or try to find reviews and feedback online. This will give you a better idea of the quality of their work and customer satisfaction.

Projects and developments

Look at projects the developer has already completed or is currently developing. Focus on the quality of the construction work, fittings and the overall impression of these properties.

Financial stability

Find out whether the developer has sufficient financial backing to complete the project and meet the agreed deadlines. A stable financial position is important for minimising risk to the buyer.

Legal and regulatory matters

Make sure the developer complies with all legal requirements and regulations relating to the construction and sale of properties. This includes valid building permits, compliance with building standards and consumer protection legislation.

Researching the developer and checking their history and references is essential for a successful property purchase and for minimising risk. Investing time and effort in this can save you many potential problems and unwanted complications in the future.

Why buy from a developer

Certainty and reliability

The buyer gains reassurance that the developer has secured the necessary permits and financing for the construction, reducing the risk of problems arising during the build. A thoroughly vetted developer can provide confidence in the quality and completion of the project.

New and modern fittings

New-build properties offer modern fittings and design that reflect current trends and standards. Buyers therefore gain a home with modern technologies and comfortable facilities.

Flexibility and scope for personalisation

Some new-build projects allow buyers to adapt their homes to their own needs and wishes. This includes the option to choose the layout, tiling materials, fittings and so on.

Warranty and service

Most developers provide a warranty for their new-build properties, covering potential construction defects for several years. This gives flat owners greater peace of mind and financial protection.

Good location and accessibility

The selection of new-build properties often includes projects in attractive locations with good transport links and all necessary infrastructure, such as schools, shops and services.

Regeneration and development of the surrounding area

Some new-build properties form part of development projects that can bring regeneration and improve quality of life in the area. This may include new public spaces, parks, shops and other services.

When choosing a development project, it is important to consider several factors, such as the developer's reputation and history, the location and accessibility, the quality of construction work and fittings, the scope for adapting and personalising the flat to your own needs, and your financial means. 

Stages of property development

Pre-sale:

• Advantages:

  • The opportunity to secure a better price than during later stages, as the developer may offer discounts or favourable terms for early reservations.

  • A wider choice of units and layouts.

  • The opportunity to participate in the planning process and tailor the property to your preferences.

• Disadvantages:

  • A higher risk that the project will not be completed or that planned features or facilities will not be delivered.

  • A longer wait for the property to be completed and handed over.

Construction:

• Advantages:

  • The project is already under construction, reducing the risk associated with non-completion.

  • Good units are still available, but with less competition than during the pre-sale phase.

  • The opportunity to monitor construction progress and potentially influence certain aspects of the build.

• Disadvantages:

  • The possibility that no unit with your preferred layout, orientation or view will be left.

  • Construction delays may occur, extending the wait for handover of the property.

Completed new-build development:

• Advantages:

  • The property is already finished and awaiting approval for occupation, reducing the risk associated with non-completion.

  • The opportunity to view the property as it will actually look and potentially select a specific unit.

  • The option to move in immediately after approval for occupation.

• Disadvantages:

  • A higher price compared with earlier phases.

  • A limited selection of available units, particularly if the development is popular and in high demand.