The real estate market is growing rapidly as more homes are now being built and the number of investors continues to rise. Real estate investment is one of the important decisions you’ll ever make. It is also very overwhelming. Before making any decisions, there are a number of things that need to be done, such as selecting the best builder and assessing the property.
A Builder will ask you several questions while you are purchasing a home. It is essential to ask your builder a few questions before you purchase your home!
What is the Legal Status of the Property?
The first and most crucial thing you must do is find out the property’s legal status before moving further with the selection and purchase of any property. Recognize whether the property is free from legal issues – The easiest method to guarantee title is for the builder to buy the land from the landowner(s) before beginning work.
Some builders enter into Joint Development Agreements with the landowners. There are many legal issues with this process, most of which are accidental. Request papers like the Commencement Certificate and the Intimation of Disapproval. You can request a project plan and the approval of the drawings if the property is still being built.
What is builder’s record of completed jobs?
You can inquire with the builders about details of previous projects that they have accomplished. How long did it take you to finish them? Inquire if they have acquired certification of completion and occupancy for those finished projects. This gives you an idea about what to expect from the project that you’re investing in.
What was the Real Price of the Object of Concern?
Always keep in mind that the actual cost of the property would include the cost of utilities, such as the cost of the offered parking spot, power, water supply, and any other taxes that might be applicable. Additionally, legal and registration fees can or might not be included in the actual price, so you must be very certain that they have been included or not.
What are the dates for completion and possession?
Make sure you have full knowledge of the completion and possession dates of the chosen property. As a buyer, you must be aware of the day and time of delivery of your property. Make sure you have access to the relevant information and that you receive prompt responses to all of your questions.
What will the flat/house look like?
You can always ask the builder to show you a sample apartment or piece of real estate. This will give you a better concept of how your house or apartment will appear. Additionally, you can examine the construction’s quality.