Important questions you must ask your builder before buying a property.
Buying a property is a big investment. Therefore, it is essential for you to do all checks possible before buying a flat. A lot of home buyer regret not doing the right kind of checks and face issues like delay in possession, low quality construction etc. To save you from making a mistake, we have made a list of things that you must ask your builder before buying a property.
1. Quality of the construction:
Ask the builder about the make and quality of products being used in the construction. Try to do some research get as much information as possible about construction materials. You can also visit the project while it is under construction.
2. Non-builder costs:
The builder might have given you a final cost but more often than not, that does not include non-builder costs. With the introduction of GST, the real estate market has seen a change. It is essential that you have a discussion with your builder and ask him about all additional costs like tax, registration fees etc. to know exactly how much you would be spending. It would be great if you can do a little homework before the meeting to know what exactly you should be asking your builder.
3. Completion of the project:
This is one important question that one must ask their developer before buying a flat. A lot of times, projects gets stalled in between or get delayed indefinitely. This can put you in a difficult spot, especially if you are buying the house on EMI. Therefore, it is important to check if your project is RERA approved. If the project that you are interested in is RERA approved, the developer will have to handover the project by the given deadline to avoid any action later.
4. Number of units sold in the project
Asking this helps you get a better understanding of peoples’ interest or disinterest in the project. You can also ask the builder how many queries he is receiving regarding the project.
5. Sample flat
If the project is still under construction, demand to see a sample flat to better understand if the flat suits your requirement. Visiting a sample flat will also give you an idea about the quality of construction, the materials used etc.
6. Occupancy Certificate and Completion Certificate.
Occupancy and completion certificate, both are very important documents that you must ask your builder for. The occupancy certificate or OC is issued to ensure that when the property is handed over, there are no issues pertaining to bank loans. Completion certificate is issued by the municipal authorities when the project is complete.
You must check with your builder whether the property is free from any litigation stated by a third party. Ask the builder for proof that the property is completely free from any litigation. Litigations cause a of residential and commercial projects to come to a standstill.
8. Mobile Tower/ Hoardings:
Usually, the terrace rights are retained by the builder. You should clarify if the builder is planning to let out the space for mobile towers or hoardings. If you are planning to buy a flat on the top floor, keep in mind that mobile towers can devalue the property by 40%.
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