Buying a builder's flat? Take these precautions
It is
everyone's dream to buy one's dream house. However, buying your dream house is
not always as easy as it seems. For, you can’t be sure about the quality of
your flat, particularly if you are buying a house from a builder.
It is better, therefore, not to get carried away by the claims of a builder or
his team. Verify the facts all by yourself and take safeguards to protect
yourself from being short-changed during the delivery of the final apartment.
Here are some precautions to take while buying a builder's flat:
Choose a reputed developer to buy
from
This is very important as India's real estate
industry is still inundated with unscrupulous and fly by night operators who
are just interested in making quick bucks and consumers’ interests hardly
matter to them. In fact, sometimes it is very difficult even to locate such
builders once their projects are sold out.
Check the documents
It is
also important to check the credibility of the documents and whether all
necessary approvals have been obtained. If not, the buyer of the flat may land
in trouble later on."Check the credibility of the documents. Get the
certified copies of all documents that prove the undisputed ownership, non
encumbrance etc and consult a lawyer to check whether every document is clear
and legally valid,"
Buy the flat by taking home loan
One of
the better ways to avoid landing in trouble is to buy a builder's flat by
taking a home loan. This helps as "the bank would always enquire and
verify the project, the builder and his past record
Take an informed decision
It is
important to keep the basics in mind and read the fine print carefully before
taking the decision to buy. For, if you don't take an informed decision,
chances are that you may have to repent your decision later on when you will
discover something wrong with your dream home. Therefore, "ensure that the
fine print on the amenities are clearly understood and clarified by the sales
team,
Recheck promises made by sales
personnel
Recheck
with a senior member of the developer's organisation the promises made by sales
personnel.This is because "often marketing and sales could be outsourced
and agencies who undertake this would be interested in the 2% transaction fee
and seldom would follow up on quality issues,"
Verify the various offerings
Thoroughly
examine and verify the various offerings and other amenities – such as
children's park, swimming pool, gym and club -- provided by the builder and get
everything on paper. This will help in resolving a dispute in case that arises
later on.
Verify about maintenance work
It is
always helpful to know in advance who will be doing the maintenance work once
the project is complete. In case of reputed builders, maintenance services are
normally provided by them only. But you can’t be sure about this with all the
builders. Also verify about the maintenance charges and how they will be
increased in future.
Check about the parking space
Parking
spaces and facilities are very important today – particularly in big cities and
metros. Therefore, enquire about the parking facilities from the builder. These
days a majority of builders are asking for hefty sums for providing reserved
parking spaces. Keep this in mind and see whether the parking charges are
reasonable or not. Also check whether the apartment has enough parking space or
not.
Regularly visit the site during
construction
Don't
relax even after buying your flat. "Visit the site during construction to
see that the developer is installing what was promised earlier and also in the
proper manner," . If not, complain about this to the builder in writing
and keep a copy of that.
Check the quality of the flat
after completion
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