Owning a home is a dream for everyone. At some point in life, most people aspire to buy their own house, no matter how small or big it is. They save up every penny to make that dream a reality. However, when it comes to purchasing a home with hard-earned money, there are several factors that need to be considered. Real estate experts suggest following 12 principles during the home-buying process. Let’s take a look at the aspects that should be considered.
The 12 principles..
1. Developer’s Past Record: Before purchasing a home, it’s essential to know the developer’s history. Check the profile of the construction company. Find out which projects they have undertaken in the past and how successful they were.
2. Completed Projects: Learn about the builder’s previously completed projects. Speak with customers who bought homes in those projects. It’s important to understand if the builder constructed homes with quality standards and whether they met customer expectations.
3. Price Appreciation in Previous Projects: Understand how prices have appreciated in the builder’s previous projects. Inquire about the price growth of the homes after the project was completed. This will give you an idea of the potential for price increase in the project you’re considering.
4. Legal and Regulatory Issues: Investigate whether the builder has faced any legal or regulatory issues in the past related to their completed projects. Only proceed with the builder after confirming that there are no ongoing or past legal complications associated with the project.
5. Builder’s Post-Completion Behavior: It’s important to understand how the builder behaves with customers after the project is completed. Speak with previous customers to find out how the builder responds if any issues arise after the construction is finished. This can give you insights into the builder’s customer service and reliability.
6. Timely Completion of Construction: Verify whether the builder completes the construction within the promised deadline. Check the builder’s past projects to see if they have consistently met the timelines they committed to.
7. Fulfillment of Promised Amenities: Confirm whether the builder fulfills all the promises made in the project brochure. Speak with past customers to ensure that the builder has kept the promises regarding amenities and features mentioned during the initial sale.
8. Builder’s Financial Stability: Investigate the builder’s financial health. Ensure that the builder has the necessary financial resources to complete the project. This will help you determine whether the builder is capable of fulfilling all the commitments and completing the project as planned.
Buying from Builders with Multiple Projects and Gated Communities: It’s generally safer to buy a home from a builder who is involved in multiple projects or specializes in gated communities. The advantage here is that if any issues arise, you have the opportunity to make adjustments in another project or community managed by the same builder, minimizing the risk.
Verify Project Permissions: It’s crucial to verify the legal permissions related to the construction project. Make sure that the builder has obtained all necessary government approvals, such as the required permits and RERA (Real Estate Regulatory Authority) registration. This step should include physically checking the documents and permits.
Details on Loans and Repayments: You should gather complete details about any loans or outstanding debts associated with the construction project. Some builders may have taken loans for the project, and understanding their repayment plan will give you a clearer picture of the project’s financial situation.
Corporate Social Responsibility (CSR) of the Developer: It’s important to assess the developer’s corporate social responsibility (CSR) initiatives. Check if the developer is involved in community development, environmental sustainability, or any other social initiatives, as this may reflect their commitment to ethical practices.
Once you have carefully examined all these factors, real estate experts suggest that only then should you consider purchasing a home in the respective project.
