Becoming a home-owner is a dream come true for most individuals. Finally, you are free from the vicious monthly cycle of rent payment and are about to have your own little piece of paradise. With the rising prices of residential plots all over India, the money required to purchase an independent piece of land is becoming very high, and on top of that, there are the hassles of getting the construction done yourself, which can stretch into months. If you do not want to face all these hassles but still want to be a homeowner, your best option is to purchase a flat/apartment in a project developed by a reputed builder.
With the rising demand for affordable housing, plenty of builders and developers have launched new projects which comprise of a high-rise building with well-designed flats and apartments. There are plenty of options available to you when you purchase an apartment in any of the projects. There is an option for you to move-in to a ready to move a building or book an apartment while the building is still under construction. Moreover, the builder offers you the flexibility to make payments in instalments and can also help you arrange for a home loan. But with so many options available at your disposal, it is possible to get confused. As the decision to purchase a residential property from a builder is a significant financial decision, you must exercise thorough caution whilst making a decision. Here are four things that you must keep in mind before you choose a builder: -
1. Background :-
Past performance of the builder is the best check for the credentials of a builder. You must, therefore, opt for an experienced builder who has a track record of completion of several projects successfully and within time. With the introduction of the RERA Act, a lot of information pertaining to the builders is available in the open market. So, do some research on the internet or meet some property dealers in your area to get an insight regarding the past performance of the builder. Market reputation and goodwill of the builder will also give you the signs regarding the track record. If the builder has a track record of timely delivery, then you can proceed ahead without any worries.
2. Construction Quality: -
Some unscrupulous builders try to cut corners in order to rake in more profit this includes the use of cheap fittings, inferior quality raw material, or overlooking safety provisions. You do not want to live in a home which is prepared from poor quality materials. Therefore, you must assure yourself regarding the construction quality delivered by the builder. This can be done by making frequent site visits as well as visiting the past projects completed by the builder. If you have any questions, feel free to ask.
3. Permissions and Licenses: -
To avoid any hassles later on, it is advisable that you perform a thorough check on the permissions and licenses that are required by a builder. Make sure that your builder has all the necessary approvals and permits from the statutory authorities. There have been cases in the past where the due procedure was not followed by builders and brunt has to be borne by the buyer. Take help of a lawyer, if required, to check the entire paperwork and make sure it is as per your requirements and expectations.
4. Pricing: -
Needless to say, you need to keep your budget in mind before even beginning home hunting. It is very easy to be carried away by emotions, so you must adopt a practical approach. Sometimes builders have the tendency to quote only the sale price while making an offer to you but later on, various hidden charges are revealed such as development fees, maintenance fees, parking charges etc. Make sure to get a proper estimate from the builder inclusive of all the costs involved, so that you know exactly how much you need to pay.
In order to make your home buying experience a pleasurable experience, you must exercise thorough precaution while selecting a builder. Do not rush into the process as it might jeopardise your financial future. With some caution and hard work, you can finalise on a good builder and buy your dream home.