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Generally speaking, the prospective buyer decides to apply to a developer if none of the existing properties visited corresponds to his criteria. Buying a new property under construction then appears a good solution. The property developer is a good solution but what exactly does he??
A property developer is first of all a professional.
His task is to develop and build at his own risk a property on a plot of land, with the aim of selling the property to one or more buyers.
The typical example is an apartment block.
At the moment, there are very few developers as such.
This is because the downturn in sale prices, the risks of unsold properties, the financial costs and accordingly the large decline in margins make construction at one's own risk virtually impossible.
This profession is therefore at present exercised by general companies or so-called turnkey companies, which set up a property development team.
Given the size of the projects developed, developers are generally the only ones still capable of acquiring the last few well-situated plots of land. As they wish to sell their properties quickly, they also tend to pass the economies of scale on to you and offer you reasonable sale prices.
The durability of your undertaking depends on the experience and financial soundness of the developer chosen.
On this point, take no risks and turn either to your banker or to a specialised financial institution (among others Dun & Bradstreet, Infotrade, Cobac, La Namur, etc.) and ask their advice on the soundness of the company, any delays in payment of social security, VAT, etc.
Probably the most difficult point to guarantee. Even in good faith, a developer is often unable to guarantee a deadline. While it is true that there are late-delivery indemnities, allow for an additional delay in your personal planning just in case.
Beware as regards this point, since if the price is attractive it may be because the quality of the materials used, the equipment or above all the finishing work leaves something to be desired or is simply not provided for at all... In this case read the terms and conditions very carefully and the advice of an architect or engineer will pay for itself in no time.
This is the crucial point which, like everything else, merits a detailed analysis.
You would be surprised how many people sign without really looking.
In the case of the construction of housing, the Breyne law will give you effective protection. Nonetheless, if the chosen developer is serious, this point should not pose huge problems. But watch out for additional charges: it's best to plan for a little reserve in your budget.