While there is nothing as safe as buying a pre-construction condo like Stars of Kovan, there are a number of other condo developers that can be anything buy straightforward to work with.
Developers redesign unit layouts because of necessary changes during their constructions. They also draft purchase contracts so as to suit them. Unwary buyers may also be victims of developers who sell units while they still own more than 51% of the project. They may not be able to attract more buyers at a later date and this may result in a rapid devaluation of the other units in the complex. This is not good for the people who paid full price for their condos.
Buyers are always advised to get in touch with reputed lawyers and insert conditions of their own into the purchase contracts too. When they specify fixed dates for completion, buyers can be in a position to get their deposit amount back if the developer doesn’t complete the project on time. Buyers should also consider keeping the sales proceeds and deed in escrow until at least 51% of all units are sold to individuals.
The maintenance fees is another thing which you need to look into when buying pre-construction condos. They are usually only guaranteed for during the first operational year of the complex. But the developers may just hike up the maintenance fees soon after to make up for this loss. You wouldn’t want to pay for this right?
And finally, you should check out the track record and reputation of the developer of the project before making your purchase.
However, if you don’t want to do all of this, simply invest in the Stars of Kovan condo ( aka Kovan Treasure ) project instead. You have absolutely nothing to worry about when you invest in this project. That’s for sure.