Simple But VitaL Steps To Buying a Home

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Simple But VitaL Steps To Buying a Home

Are you hesitant to buying your own home although it’s been your long-cherished dream? Are you worried that you too may end up with unsolvable issues like many home-buyers have, from unscrupulous builders? Well you are not alone.

Agreed, that buying a home is not a cake-walk. But it needn’t be an unsurmountable task too. Millions of people have bought homes easily and safely. If home-buyers practiced a few cautious steps before and during buying home, they can realise their dreams.

Let’s look at these important steps one by one:

  • First decide on buying a branded home. This does not mean that they are expensive. Basically, what it means is that the builder should have delivered at least a few projects with his brand name.
  • Check on the reputation /track record of the builder. This is not difficult. You can meet home-owners of previous project and get information.
  • See the construction quality and amenities for yourself in previous projects
  • Thoroughly scrutinize builder’s website. Much information will be available about past and present projects. Visit the projects and see if all amenities presented in the website are actually present in the building site too.
  • Also, check the delivery time. If there was any delay, understand the reasons for it.
  • Talk to the builders’ bankers. See if they are associated with the builder for home loans etc. (Banks generally don’t offer home loans if all legalities are not correct or found wanting)
  • Check if all statutory requirements have been met for the project of your interest. Such as RERA registration, Govt. permissions etc.
  • Get authenticity of land ownership and sale deeds vetted through your lawyer, don’t just rely on what builder’s lawyer provides.
  • Check if the various clearances are given by the statutory authorities for the project.
  • Ensure that the price is not artificially high. Much information on location and price is available in the internet. You can also talk to someone in the industry.
  • Find out if maintenance charges are on par with neighbourhood charges of similar projects.
  • Once decided, thoroughly satisfy yourself with payment terms. In case you are opting out after paying initial deposit, see what the penalties may be.
  • Understand the agreement between you and the builder thoroughly. See his liabilities and yours in case of any default.
  • Ensure you get receipts for every payment that you do.
  • Once in a while visit the site and see the progress, wherever possible.
  • Assess the sales team and CRM for professionalism, prompt and reliable help, etc.
  • Check if builder gets all required permits etc for the various stages of construction.
  • Once your unit is ready to be handed over, ensure that electricity, water etc are supplied, and builder has received the occupation certificate.
  • Check for eco-friendly practices by the builder. This is becoming an increasingly important factor for residents as well as required by builder to implement rain-water harvesting, etc.
  • See that the builder will arrange for katha certificate at the right time.

Wouldn’t you agree that these are simple steps? Nevertheless, they are very important. Following the above 20 points, and more, you can be free of your hesitation and fears about owning your own dream home.