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Why are developers turning to ‘try before you buy’ tactics?

On Behalf of | Nov 22, 2018 | Real Estate Law

Investing in real estate can be tricky in almost any type of market. Throughout the country, including in Nevada, there are ups and downs in the market that must be anticipated, or taken advantage of. Investors and real estate developers always need to keep their eyes on the pulse of the market they are jumping into, and that has some developers trying new tactics.

For example, some developers are pushing potential buyers to take advantage of a “try before you buy” concept when it comes to purchasing real estate. Why are developers attempting this tactic? Well, as most of our readers know, the overall national economy is doing quite well currently, and that has had an effect on the real estate markets. There is more inventory for potential buyers to choose from, but there are also rising purchase prices. As a result, some buyers are being more cautious about their purchases and investments.

The “try before you buy” tactic encourages potential buyers to live in an area — an open condo unit, for example — in order to gauge their comfort with the area and the living arrangements. Of course, this tactic is usually only available to developers who actually have finished units that have gone unsold, and this will usually be for higher-end real estate — kind of like a test drive.

Real estate investors and developers are always trying to stay ahead of the curve. That is a good thing when trying to maximize profits and protect assets and interests. However, as with most issues when it comes to real estate, there may be some legal concerns to address. Getting the right legal information is crucial for developers and investors who are jumping into the Nevada real estate market.

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