In the market for a real estate investment? Or maybe on the lookout for that residential property that will be perfect for you and your family? Whether you're buying a flat, apartment, or a builder floor, whether you're in it for the short-term or long-term, whether you want a home or a future investment, owning a piece of real estate can be rewarding. But the process of looking into it, checking it out and finally buying it can involve more than its fair share of confusion, stress and trouble.
One way to reduce all that is to first make sure that you've got a credible builder on your side. Knowing you're in the project with a credible, reliable builder ensures you get peace of mind all throughout.
Here are a few things to help you in telling the difference between a builder you can trust and one you should stay clear of:
Budget – Common Floor emphasizes the importance of knowing how much you can afford to spend. Your budget will determine the kind of property you buy. This also affects the budget of the builder so the calculated expenses and costs have to be as accurate as possible. Make a list of your expenses and your income. Between these two, calculate how much you can really afford to set aside every month. Will your monthly budget allow for basic necessities as well as the added strain of a mortgage? How about getting a loan? Is that a viable option for you? Do you have long-standing debts, like credit card bills you haven't paid for in full or debts? If you do, you might want to pay all that off before you buy a house. Otherwise, you might default on your payments and lose the property in the end.
Type of property – What kind of property do you have in mind? Do you want a single unit, one that's enough for a home owner living alone? Or are you more inclined to go for an apartment you can share with a few friends? Or maybe a villa, one that's ideal for a small, growing family? A builder floor, in turn, gives a young family plenty of space for the kids to run around and play in or for couples to entertain friends and family over the weekend. At this point, choosing builders based on their expertise in a particular type of property should be your next course of action. For instance, Unitech Builders in Gurgaon are already known for their work on residential projects so choosing to work with them is practical and wise. However, if you go with builders who enjoy a reputation for commercial spaces but are starting a residential project, that partnership might be prove more than a little bit risky in the end.
Right community – Do you have children? For families with kids, gated communities offer a measure of security and safety. It's also great if the community is near a school or hospital. This way, dropping the kids off to school is convenient or when a runny nose or fevers just won't quit, you've got less to worry about, with the hospital just a few minutes away. Of course, choosing the area that will give you the most of everything that you need and want also means choosing builders who are, again, known for having a proven and sound track record in building that kind of community. Basically, look for builders that have the experience that matches what you need from them. This way, you're confident in the fact that they can provide the service, the type of vision, the aesthetic feel of the community, you want to live in.
Builder's reputation – Ask about the reputation of the builder. Run a background check, if you can. In the article, dated December 2014 and published by the Jones Lang Lassale Blog, a credibility checklist includes market credentials, financial strength, and capacity to manage multiple projects, among others. Project approval and home loan availability are also another mark of credibility you should look for in your builder.
Documents and Agreements – Check if your builders have their documentations approved and processed such as licensing documentation. There are over 30 documents you'll need to check so make sure you do your research to know which documents are included. Also check the approval documents for the project. Verify that the titles of the projects match those on the approval documents. You might also ask to see permissions, along with environmental and municipal clearances, if you really want to make sure all things are in order.
These are just a few tips to help you assess the credibility of your builder. By picking one you can trust, you'll definitely have less to worry about and more to look forward to when you finally own the real estate of your choice in the future.