In reality, there are lots of questions to remember if you are going to buy a home. For this reason, I am progressing to tackle the foremost necessary inquiries to remember while going for a new constructed property.
First and foremost, it is necessary to hire a reputed real estate consultant to assist you to make sure that you raise all the proper queries.
Having been a trusted and tested real estate adviser for the past 15 years helps with my perspective on guiding my clients on getting new construction properties.
I am always passionate to sell new properties of various reputed and trusted builders and doing so over the years. From expertise, I will say there’s a broad vary of builders once it involves quality and performance.
So it is necessary to raise the proper queries while going for a new home. Below you may see my suggestions about questions to ask before you sign agreement.
- What is the reputation of builder and how long have been working?
The abilities and knowledge of the builder can have a big impact on the standard of the ultimate product. Obviously you deserve a good quality home as huge money is going out from your pocket. You can also take feedback of the builder from his existing customers. Understanding the builders work is one of the foremost necessary factors.
- Have the builder took APF number for his on-going project?
Have you checked whether or not the properties you’re looking for have the Approved Project Financial number? Is property genuine? Are you positive that the builder has really got all the mandatory approvals?
The “Approved Project Financial” is a number issued by the bankers or funding firms who offer home loans. The Approved Project Financial code is provided for a specific residential project.
The Approved Project Financial code denotes the satisfaction of the bank concerning the project, the work, proposal, documentation, loan sanctions, etc.
If a builder desires a housing loan for his prospective buyer, the bank will simply check the Approved Project Financial code and sanction the housing loan.
Such Approved Project Financial codes facilitate the housing firms or banks to sanction loan to the prospective buyers without checking the legality or required approvals for the concern project or you can say there is no need to check documents and approvals every time. The Approved Project Financial code represent that a particular project has legally verified and received the mandatory sanctions.
- Is the builder expertise in building particular type of project?
Every builder has his expertise in his type of constructions. It is sensible to settle on a builder that includes a well-tried ability to make the sort of property you would like. If a builder is expertise in building economical properties and all of sudden he started building luxurious apartment, in this case you have to think twice before taking and commercial decision.
- Is there any other project going on and if not can you give me the list of your completed projects?
It is useful to go to the project they’re presently building to examine the method that they are using. And if they do not have any current project going on, than you can ask for the completed project list and there addresses so you can visit and examine the quality of the project and how the finished project look like.
- Who will look after the construction and answer my queries once construction starts?
Because the owner of the firm has good reputation and capable doesn’t mean the staff functioning are equally good. There is nothing wrong in asking that who will look after the construction and answer my queries once construction starts.
You also need to take the contact number of the concerned person who is going to take care of all your queries.
- Is there any special offer going on for the project?
Many offers are going on to tempt the buyers and you will not come to know about these offers unless you ask for it.
Some offers are so good that we cannot afford to skip it.
- What are the standard specifications of the property and what are the extra features for which we need to pay more?
Every property has standard specifications for the project but sometimes builder offer extra features for which we need to pay more and it is better to ask that which specification we are going to get and for which we need to pay extra.
- Can I make minor alterations or up gradation after construction commences?
Constructing home is a long process and it may possible that after some time you may want to upgrade some features or to make minor changes in the property. So it is better to ask builder prior construction starts.
Generally it is seen that big projects do not allow up gradation and changes.
- How much time it will take to complete the project and what if not completed in a stipulated time?
If the project is RERA approved, then every think is given on the RERA website
Generally builder knows that how much time the project will take to complete. But constructing project is a lengthy and time consuming process so it is better to consider some grace period on completion date. And if the project will not complete on specified time frame, than you should ask for the compensation.
The completion date of the project and compensation if not completed on time should be in a valid written format.
- When I have to pay for the extras?
It is always better plan your financials and so it is good to ask that when we have to pay for the extras.
Some builders take it in parts, some asks for half in starting of construction and remaining at the end and some builders will ask for all in advance, it depends on builder to builder.
But generally all extras have to be paid at the end of the construction or before taking the possession of the property.
- Is builder providing warranty?
It is one the important question to ask that what are the warranties that builder is providing.
Any type of warranties come with peace of mind and warranties may vary from builder to builder.
- Who will maintain the society or project?
Now a days maintenance of the buildings is matter of concern and it is better to ask about the society formation and building maintenance.
It is always advisable that builders should take onetime maintenance, so we need not to bother about the recurring maintenance of the project.