The rapid development of condominiums in the real estate industry has peeked the interest of both sellers and buyers. Condominium developers and investors today have caused the emergence of several high-rise buildings in the metro. DMCI Homes has caused a great boom in the fields of real estate in the Philippines, causing several DMCI properties and condos in the Philippines to populate key spots in the busiest parts of the city. With this growing trend in the industry, it is easy to understand the abundance of condominium sellers and those looking to lease a condo or those looking for condos for rent. Along with these honest condominium developers however, are those wishing to exploit the potential profit of the booming industry. Today, just as there are honest sellers, there are condo scams that aim to swindle money from possible buyers. It’s best to get acquainted with the common measures you must undertake to avoid falling victim to these terrible scams.
Don’t Pay for Unusually High Prices
You have to watch out for three types of things you have to pay for: those that are unusually high, those that are unusually low and those that are unusually excessive. Avoid condo scams by being meticulous about the fees you pay. If the fees are unusually high, then something may be fishy. Real estate developers run on a strict competition and these high prices normally won’t stand a chance against other competitors. But what makes these unusually high prices unusual is their inexplicability. Trusted real estate developers would explain the fees you need to pay for. Scams would often request for large sums of money with very little to no explanation of what they are for. When you are asked for prices that are too small, then something may be up as well. If these prices are too good to be true, chances are, they are. The small prices may serve as good bait and may drag in more money from scams quickly. When you are asked to pay fees that are unusually excessive, be suspicious. When fees are requested from you day after day for inexplicable expenses, chances are you are being scammed.
Don’t Give Too Much Information About Your Self
Not to breed and air of suspicion between you and your condominium developer, but you need to be cautious with the information you provide. When it comes to rental transactions or even renewing your condo rental contract, there are information that you should provide and there are other information that should be irrelevant to the transaction. A usual scam in the condominium industry involves the scammer asking for too much information and then using this information against you and for their benefit. Identity theft is a common crime which results from you giving too much sensitive information about yourself such as credit or bank details.
Do Your Research
You don’t have to depend entirely on what you condo developer is saying. The internet provides you with practically unlimited information and opportunity to acquire this information. Do your research and read on reviews after reviews on your prospective condominiums. However, make sure to scrutinize these reviews as scammers are also capable of setting up blogs that work to promote their scams. The general rule is that the more good reviews you find, the better. Scammers can’t fake a large quantity of reviews and if they did, it would be very easy to find out since the handful of blogs is bound to have the same things to say. Do your research and read on anything that will give you an idea of what you are actually getting into. If something’s up, you will definitely find someone who will tell you about it online.
Do See the Unit for Yourself
If the person selling you the unit doesn't want to actually show you the unit before you decide on paying it, definitely something’s up. Genuine and honest real estate providers sell their units by showing off its features. Scammers utilize pictures to draw in potential victims. Demand to see the unit for yourself. That way, you get a concrete idea of what you are about to purchase. If your provider does not want to show the actual features of the unit, then start suspecting. Avoid condo scams by being unbending with regard to this condition. After all, whatever it is you plan to purchase, you always have to see the item before you completely devote to buying it.
Do Sense the Intention of the Condo Seller
In avoiding scammers, a lot of suspicion is focused on the seller. However, genuine and honest real estate providers should also be scrutinizing of their potential buyers. This is why a lot of credit checks are issued to ensure the capability of the buyer to actually pay for the unit. So when your condo provider is not at all scrutinizing of you and seems like in a hurry to get your payment, then you should start checking for scams. Scammers are eager to get your money quickly before you start suspecting or eventually catching up with the scam. With this in mind, scammers won’t have time to check if you actually have the capacity to pay, they will just ask for your money. Gauge your provider’s intentions and if they are scrutinizing of you, then be happy and be assured that they are doing their job since they are true and genuine.
Do Deal in Person
A lot should be said about condo providers who do not even show up to do the transactions. This is the most obvious red flag about a potential scam. The idea of trust and comfort between buyer and seller should be harnessed in person. So when the provider doesn't show up and opt to do your transactions through phone or email, then don’t push through with the purchase. Demand to see them in person before committing to the sale. Avoid condo scams by doing all your transactions in person, so you can have the faces of the people you are giving you money to.
Do Follow Your Intuition
Follow your intuition. Though not one of the most concrete objectives of measures, you really need to give you intuition some credit. The mind has a way of telling you if a person is trustworthy or not. Allow it to be a part of your decision-making process. Draw from your intuition your notion of commitment. Often, your intuition will tell you when things are going too smooth or too rough. Your intuition will also tell you when things aren't following the correct system or process that you ought to go through. You may not rely entirely on your intuition but you best not ignore it completely as well.
It all boils down to how well-informed you are about these scams to make sure that you don’t end up being the victim. So the first step to avoiding these terrible scams is to read on guides in buying a condo and about what the norm is and what to expect when buying your condo. That way, you get acquainted with what should and what should not happen. In the end, it still depends on you and the knowledge you have on the industry.