Before purchasing anything significant, we undertake adequate research and inquiry. Why should home buying be any different? Especially, considering the amount of financial investment we make in buying a home. A key element in your journey towards buying a home is builder credibility.
Here, we look at how to research your builder’s reputation.
A thorough approach to understanding the reputation of a builder can go a long way in protecting you from errors of judgment.
Association memberships
Shortlist builders who are members of associations like the Builders’ Association of India (BAI) or The Confederation of Real Estate Developers Association of India (CREDAI). Members are obliged to follow certain regulations in order to retain their membership.
Approvals
A credible builder will have the requisite permits and approvals from authorities. Ideally, the layout needs to be approved, NOC (No Objection Certificate) needs to be obtained from various departments such as fire, pollution, water and power and relevant permits from the Municipal Body must be obtained. Ask your builder if they are already in place.
Google it!
This generation’s favorite go-to resource for information comes through here as well. Search and interact in online forums to understand the buzz surrounding a builder. Ask specific questions on real estate forums for peer opinions on the same.
Ask around
Talk to friends and colleagues about their knowledge of the builder. If they haven’t heard of the builder at all or have heard unsavoury news, it should put you on your guard.
Project visits
There is nothing like site visits to answer your concerns. Visits the builder’s completed projects for an idea of project quality as well as materials used during construction. Also, approach the residents to check on delivery times and get insights into their home-owning experience.
Quality Assurance
Is the firm ISO certified? ISO Certifications guarantee you quality. You can additionally ask the builder to commit to a guarantee of a certain number of years against defects in construction.
Liability insurance
Check if your builder has liability insurance. In the event of damages to the construction from unforeseen causes (natural or accidental), a builder should be covered by liability insurance. If not, you could be expected to fund the repairs.
Financial standing
If possible, check your builder’s financial standing from balance sheets. If not easily available, you could approach the Registrar of Companies for the same. This will give you an idea of how financially secure your developer is.
Vacancy rates
If you can, get a sense of unfulfilled inventories in the builder’s projects. You could do this by talking to residents or brokers. Find out reasons behind the same. If the cause is attributed to the construction or the developer, reconsider the builder.
When it comes to researching a developer’s credibility, remember – a stitch in time saves nine!
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