Post to Facebook on 5/7/2020 1:31 PM
Commenting on “Inside a rush pre-auction-day auction prompted by COVID-19”
https://www.afr.com/property/residential/one-in-10-off-the-plan-apartment-sales-collapse-20200630-p557iw/
A member in another group put a link of the following article on off-the-plan apartment having lower valuation during settlement than when the contract is signed.
He commented "Caveat Emptor". This is a term I learned when I was studying my real estate course. What it basically means "Buyers Beware - you're responsible for checking the quality of goods before a purchase is made". Doesn't it sound a bit posh or rich when someone like an agent trying to impress you?
I know many members of this group understand why off-the-plan purchase carries a lot more risks than an existing building. In the latter case, the purchaser can send in professionals to check the foundation and structure, any terminate attack, etc. in an agreed time frame before the sale can proceed.
It is a cold comfort to find out during settlement other tall buildings are around blocking the views that one pays that premium price for, and let sunlight in during the broad daylight.
The coronavirus pandemic reveals what I have saying again and again - space to roam and neighbourhood. I am not in favour of apartment living. Nevertheless , one cannot be certain about the future, and it is wise not to deny "never say never".
Now why does the valuation become lower than the contract price? It is all about the supply and demand. Besides, value of the property depends on land. I am not going to elaborate more, because I have written too many times about land, land, and land.
Just be careful with your money. Feel it, touch it, and talk about it when you want to invest in real estate property. You spend so much much time to find out the car, laptop, and restaurants before you purchase the product or service, make sure you are doing likewise when investing you hard earned hundreds of thousands or even millions. .
If you want to learn more about marketing, including selling and buying real estate property, do read my free education blogs in SFC Marketing Blogs & Lessons.
Thank you for reading.
Commenting on “Inside a rush pre-auction-day auction prompted by COVID-19”
https://www.afr.com/property/residential/one-in-10-off-the-plan-apartment-sales-collapse-20200630-p557iw/
A member in another group put a link of the following article on off-the-plan apartment having lower valuation during settlement than when the contract is signed.
He commented "Caveat Emptor". This is a term I learned when I was studying my real estate course. What it basically means "Buyers Beware - you're responsible for checking the quality of goods before a purchase is made". Doesn't it sound a bit posh or rich when someone like an agent trying to impress you?
I know many members of this group understand why off-the-plan purchase carries a lot more risks than an existing building. In the latter case, the purchaser can send in professionals to check the foundation and structure, any terminate attack, etc. in an agreed time frame before the sale can proceed.
It is a cold comfort to find out during settlement other tall buildings are around blocking the views that one pays that premium price for, and let sunlight in during the broad daylight.
The coronavirus pandemic reveals what I have saying again and again - space to roam and neighbourhood. I am not in favour of apartment living. Nevertheless , one cannot be certain about the future, and it is wise not to deny "never say never".
Now why does the valuation become lower than the contract price? It is all about the supply and demand. Besides, value of the property depends on land. I am not going to elaborate more, because I have written too many times about land, land, and land.
Just be careful with your money. Feel it, touch it, and talk about it when you want to invest in real estate property. You spend so much much time to find out the car, laptop, and restaurants before you purchase the product or service, make sure you are doing likewise when investing you hard earned hundreds of thousands or even millions. .
If you want to learn more about marketing, including selling and buying real estate property, do read my free education blogs in SFC Marketing Blogs & Lessons.
Thank you for reading.
