Foremost Precautions For Under Construction Home
I have to say that this is something important and crucial to be considered for any newbie or seasoned home investor “What are the major precautions to consider before buying an under construction home”, this is not just a question to be asked or understand but it is an imperative concern that has to be taken very seriously while the process is going through.
So my vehement concern in real estate realm has got me closer to the concern and to put the best information regarding the same. So without getting into other things, let’s just start with the process and grab something that is completely justified and useful.
Under construction properties tempt the home buyers because for the flexi payment plan and interestingly, which is less than the price of the properties which are “ready to move in” Very true one can’t ignore the fact that under construction properties are bit risky and a daunting process that needs to taken with extra care.
Builder is Everything
It’s important to grill the builder and know him more because after all it is the matter of money. Today everyone is having its own portal, so try to visit it and check out every deets on the builder, but what is more important to know is that those might be just a rosy words about them, so it’s not important to trust, try to talk to those who have already purchased their properties, or personally visit to the delivered properties to know them better and wisely. There is a thick line between the commitments and the real, so in a certain matter it is slightly difficult to capture what builder has committed and what they are offering, but things are possible to match-up.
Location is First so Check it First
There are bountiful of buyers who purchase properties without even getting its charm, location which is not appropriate (means not feasible) should not be considered and also it is not beneficial from the investment point of view. So, before only be clear about the location and then select the property.
Only Words Are Not Enough in Real Estate
Everything should be in black & white don’t just go with words check-out things strongly and then take your step. This is something that you need to check meticulously without dragging your focus.
Personally Visit The Site
it’s vital to get the clear picture of the property and don’t fall for any false picture just get the real picture through your eyes.
Minimize your risk - To ensure builder will stick to what they have said ask for a copy of the project’s drawings duly stamped by the municipal authorities. The builder is allowed to do some changes in the original plan.
No hesitation, get legal report - See create no room for hesitation because this is not allowed, as it will put you in trouble. If have any doubt or need more transparency in the property, then ask for independent legal report. Make sure the builder is approaching in a right way and the payment is made according to the demand letter of the developer.
Check is important - The buyer should make visits to the site very frequently to get a check on every single construction step because this will give you an idea about the possession and also give satisfaction that the work is done in the right way.
Approvals are done before - Mandatory approvals may not be taken by the builder, so ask and check before that the builder is done with its responsibilities to pass on comfort throughout.
Nearby area check must - The attention is only constrain to the property, but its surrounded area is also prime to check some sometimes the road, lighting, sewage, greenery, etc. are not in its right condition due to which later on the residents have to face myriad of problems, and be frank, then its late to react. So make sure along with the project you heed to these things as well.
Amenities Are Real
Apart from the property, amenities are something that tempt and allure more than the property, generally, there is a long list of amenities like swimming pool followed by, gym, garden, meditation/spa room, sports complex, multi-purpose hall, kid’s play area, etc. which are available within the project, but the catch is that this might be just a tactic to impress buyers like you, so make sure whatever is committed is also given smartly.
Penalty given to you or not - If not delivered on time, then there is a mandatory rule “builder paying penalty to the customers”, so make sure you get this if face delays in possession. This depends on the size of the area.
Bare shell, Semi finished or fully furnished apartment- Know all of them completely as you have to make payment according to it. The level of development might differ from property to property or builder to builder, so before hand, know what all you will get in these specific categories before it becomes a surprise for you.
Maintenance charges and who - How much charges are these for maintenance and which agency is going to handle it, get right information on the same, these little things can’t be ignored, so make sure you ask every related thing without feeling timid about it.
How Much Your Investment is Secured
It is not that difficult to get because right planning enough knowledge about it can make your investment more vital and effective. So attention to every particular thing will create a happy shell for your property where fetching lucrative returns are just as easy as ABC.
Property is lease hold or free hold - This is unignorable and as a buyer it’s a foremost duty to get it and as mentioned don’t go with the words, so make sure builder give you complete information on the same concern and don’t just show you rosy pictures.
Talk will solve many things - It’s important to talk to investors and fervent home buyers so that you have complete having everything before you make an interest in buying an under construction home. Seasoned investors will give you intact deets on it through which the cycle of investment becomes a no-brainer game.
Last but not the least, all these and many more things will not only make you impeccable buyer but it will form a happy investment with successful investment journey.
Hope this will put forth enough light on what you have to ask and delete to get “dream home” and form an indelible mark to showcase status, class and choice.