The credibility of the developer and also the manager of Condotel should also concern you. Do not let you conduct a condotel investment and work with developers and managers who have a bad history of working together. You must be careful if the developer or manager has been entangled in a legal problem related to various violations that have been committed in the past. Additionally, if you’re looking for a condominium instead of a condotel, and you want a condo from a trustworthy developer, you may check out the Piermont Grand EC showflat.
Good credibility will certainly get recommendations from previous investors who have worked together. Not that you have to suspect and think negatively about the developers or managers. This is one form of anticipation. Don’t involve yourself with developers who can’t be trusted.
Do not underestimate the Audit Report
In condotel investment, you as an investor need to ensure that the audit report from the condotel must be obtained. The report is accountability in the form of management control and every year, you will get it. Also, make sure that the audit is carried out by a credible public accountant so that the report provided is maintained objectivity. Every information presented from the audit results should be obtained by investors. The information contains the fairness of the benefits obtained each month.
In other words, the results of this audit report are a guarantee of the agreement process that they have done from the start of the investment.
Understand clearly the Development Agreement and Licensing
The first thing to be explained at this point is the agreement between you as an investor and the condotel manager. You need to make sure each agreement is made. Make sure that you are not harmed, at least there is a win-win solution. The second thing is about building permits. Understand this problem by reading the regional regulations that govern the ins and outs of licensing.
Understand every document in the process of obtaining a construction permit, starting with an analysis of environmental impacts, commitment to using water from the national drinking water company (not groundwater), management commitment to developing the economy of the surrounding community and so on.