There is nothing as exciting as planning to buy a new home. You could be buying your first home, or looking to buy one for an investment purpose. Whatever your reason may be, it is important to choose the right builder. Real estate is a booming industry and there are many players in the market, each offering buyers lucrative options. No matter what your budget is, or what kind of amenities you are looking at, this is a long-term investment decision you do not want to make lightly. There are many builders who confuse buyers with lower than market prices and remote locations. These are some of the reasons why you need to know your builder before choosing to buy a property.
Here are some pointers you need to bear in mind when choosing a builder:
1. Research: Begin your quest to find the right builder by researching on builders in your city. You can start out by listing out the A-grade builders (the most popular ones) before you move on to the other builders. You will find this information on your local newspapers and the Internet. Your builder should be reputed and financially stable.
2. Certification: It is also important to know if your builder is rightly certified. Certifications such as, ISO will provide credibility to the builder and ultimately to your investment. Of course your builder must also have all other certifications pertaining to the building construction handy; for example, NOC from KSPCB, BESCOM, BWSSB, BDA etc (in case of Bengaluru).
3. Legal issues: Your builder must have the necessary liability insurance to cover any accidents or injuries that may have occurred during the construction of the property. The project must also be clear of any legal hassles. Nationalized banks provide loans only to legally correct projects.
4. Visit the builder’s office: Make sure you visit your builder’s office a couple of times to examine the premises, the location and to validate their phone number. You could also get the contact information of customers who have already bought a property from them.
5. Talk to existing customers: Contact existing customers who have already bought a property from this builder. This exercise will inform you of any issues faced by the customers.
6. Meet the Company MD or Company Head face-to-face: Shortlist up to four builders and meet with their MD or company head. Never hint to the builder about your other choices. Discuss with them about your needs and your budget. Your builder must offer a genuine and transparent deal. Feel free to ask them more questions regarding the builder’s track record, payment process, project amenities and so on.
7. Talk to your builder: Now that you have decided on your builder, stay in touch with your builder during the phase of buying your property. Remember that communication is the key, and it will help you secure a successful deal.
8. The final step: Now that you have chosen your builder, begin the documentation process and have all offers and commitments made by the builder in written. Seek a lawyer’s assistance before you sign any contract with the builder. Remember that once you sign a contract, you are liable to follow all the terms of the contract.
A property is a long-term investment and most importantly a costly one. Take your time researching on the builder, the location and amenities before choosing a project. It is always better to be thorough in your choice rather than facing issues in future.