26 May, 2020

5 Questions For Your Builder Before You Book A Flat

Finding an individual house for sale in Chennai can be hard. If you do find a housing plan to your liking and would like to invest in the property, well what are you waiting for? However, before you make this crucial step, it’s for the best that you’re well prepared on what to expect in this experience. 

You don’t want to end up with a flat and in an area that’s the complete opposite of your taste and situation. 

What can you do to prevent an accident, then? Well, you can start by asking 5 questions to your builder so that you can be assured of the quality of the property. 

1. What is The Status Of The Property?

You can never, ever forget this step. Before you do anything with a flat, you need to make sure it’s clear who the previous owner of the property is. You also need to be certain that they are willing to sell it. If the property is somehow in legal hassle between two owners, it’s best to step away. 

The right of the property should exclusively belong to the builder. These days, the norm has become where builders and property owners into Joint Development Agreement over a property. This method has more legal than not, though it’s unintentional on both ends. 

Make sure you get to see the actual legal documents such as Commencement Certificate and Intimation of Disapproval. If the property you are aiming for is still being built, ask for approval permit and enquire after the entire idea behind the project. 

2. How Many Flats Have Been Sold?

When you move into properties by builders, unless and until the better percentage of the flats is sold out, you can’t move in. If you want to have an estimated amount of time when you can move in, you need to ask the builder this question. 

However, you can’t throw it straight at them. Chances are, they will avoid answering it. However, you can carefully word it. A question on the number of inquiries he gets on the property should do the job. 

This way, you can calculate the number of people that are likely to buy property in the area and how quickly it will be sold out. It will be clear to you if the property in the area is desirable. If not, then why are people avoiding the locality? Or is there a problem with the property itself?

There is another method you can try out. You can also check whether there are flat listed for resale by the owners on the project. A quick prowl in the online forums over the projects will also get you a fair idea about the properties sold. 

3. What Is The Price Of The Property? 

Properties like this usually don’t have any fixed price from the start. At most, you can glean the average price from the builder. Some are confident enough to be transparent about the price while others are likely to talk in rounds and give you an estimation that might not match the final amount. 

Some might even show you rate cards. Never believe in rate cards. Most of the times, the truth is exaggerated, because, at the end of the day, the builder is trying to sell the property to you. They want you to feel the property is in high demand and any amount you pay for it will be worth it. 

A way to bypass the scary average cost is to buy from brokers who have in turn brought the property from the builders. They are likely to offer you a 15 to 20 percent discount.

On the internet, you can also look for the price of the property before the project was launched. A combination of your personal research and claim by the builder, and you should be able to find the average price. 

This quest for the average price is for your benefit. You should never have to pay for something more than its worth, especially when housing matters are concerned. 

4. What is the Work History Of The Builder?

You can’t buy a property from someone based on trust alone. You need to find out whether the person you’re living the responsibilities of your living condition is a capable person or not. Ask your builders about the projects they have done in the past. If possible, get a thorough explanation of their roles in these projects. Do they have the proof ready at the hand of their work on the project? Certification of completion and occupancy is all you need. 

In case of builder with an already huge reputation in the industry, you can check out their websites. They tend to keep a basic inventory of the projects they have done and how successful they were on the quest. 

5. What are the facilities and when should you pay?

It goes without saying that you should get some kind of idea on the kind of flat you would be paying for. Will the total price includes electricity, furniture, kitchen, etc? Or would you have to pay an extra amount for this purpose alone? 

Once you’re certain the flat meets all your requirements, you should ask about the payment dates. Are you going to pay for the entire property in one go? Or do you have to pay in a monthly or yearly basis? If you’re paying on a monthly or yearly schedule, make sure you’re able to procure the sum in the same amount of time. If there is a delay of payment, builders tend to impose an additional fine. Of course, you can negotiate the payment schedule from the start, which will put you at an advantage. 

Now, that you’ve all the important questions you need to ask your builder, you will be more prepared the next time you meet with them. This will accelerate your process of moving in to, though, don’t make any hasty decision! There is an individual house for sale in Chennai available, but you need to look hard enough to find the one that fits you right!

Hey guys, I am Aman Singh Bhadouriya. I'm a student of Btech 3rd year and a part-time Blogger who loves writing about Technology and Digital Marketing. I have created Ezad Tech to share my knowledge with others.

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