There are surprisingly hundreds of people who don’t realize their fervent wish to buy a home. Mainly due to fear of the process, being cheated, losing the hard-earned money and inability of loan repayment. They are rightfully fearful, considering the numerous cases of cheating by unscrupulous builders and fly-by-night operators.
At the same time there have been thousands of people who have purchased homes easily and continue to live peacefully. Didn’t they also have the same logical fears? They did, but they overcome them by taking certain steps before buying a home.
Home-buying need not be a big challenge or a daunting experience. It can even be a smooth and pleasant process. Here are a few pointers to adhere to:
- Don’t go headlong into it immediately you like a project. Scout around for a few more options. Compare price points, amenities offered, size of site, etc.
- Drive around the neighbourhood both during the day and at night. Check distances and commute time to office, schools, colleges, etc. This will give you an idea of the locality traits, and help you decide whether you want to live there.
- Once you’ve made your decision, check out the builder thoroughly, even if it is a reputed brand. Find out past projects, delivery schedules, if delays and the reasons for the same, banks associated with the project, etc. You can grill the marketing head for all such information; talk to the associated banks; talk to brand’s customers; etc. Effort taken for this is well advised.
- Ascertain the quality while doing the above. Find out the brands associated with the project. Find out if the structural engineering and construction companies used by builder are reputed ones.
- Check all legal documents and agreements given by the builder with your own lawyer. Ensure legitimacy of ownership of land. If a JV, check the background of the partner.
- Check if the various clearances given by statutory bodies are in place. Permits are given at different stages of the construction. Satisfy yourself that builder has no deviations in the project…as this may become an illegal structure later on.
- At handover, ensure that water and electricity supply has been fully paid up for. See if OC has been procured by builder. And always do a thorough quality check and get all issues sorted out. before taking over the asset.
- At the earliest get the katha or legal ownership of your property. Normally the builder will assist in procuring this.
These are some of the more important points when followed can make you more confident. When your concerns are addressed convincingly, it becomes an exciting process of realizing your long-cherished dream.