Jul 2017
26

7 Tips for choosing the Right Builder for your home

By Zricks.com
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7 Tips for choosing the Right Builder for your home Update

The present scenario looks great for home buyers. Right from demonetization, tax benefits, rate cuts, attractive payment schemes, RERA and new affordable launches in residential segments, everything is favouring property buyers. If you are looking to take advantage of these benefits then it’s time to start looking for a reliable home builder. The number of builders in India is almost countless. There have been instances when projects of builders are either stuck in a litigation or the project is incomplete and in some cases it is even abandoned. It's therefore extremely important that you choose the right builder, because it is not like shopping for groceries. You could loose your life savings in chasing the wrong builder.

Here are a few things you should keep in mind before choosing the right builder.

  • Reputation Check:- People love doing business with home builders that have a positive reputation. It's important to conduct a check on the background and reputation of the builder. A buyer can get a list of builders from websites or the local newspaper. A detailed research on projects that the builder has completed should also be verified, the best source for this are the residents that are already residing in projects from past stage of possession. A list of ongoing projects and future projects should also be prepared.

 

  • Warranty & Service:- Every product you buy comes with some type of warranty. Certainly, your largest investment, your home should come with a long-term written and insured 3rd party warranty, not just a promise from the builder to perform. This type of warranty assures you that if there is a warranted problem, even if the builder is out of business, it will be resolved through repair or settlement.

 

  • Licence:-  Real estate builders also need to have relevant license to build homes. This license is a proof of permit and obligation issued by the local city council, state or central government. So make sure the home builder you choose is a licensed contractor in your state to avoid any legal complications in the future. Good builders always have building insurance in case something goes wrong during the construction.

 

  • Track Record:-  An experienced builder will have a better track record over someone who has recently made into construction. An experienced builder will have processes in place and will have their paperwork for every project and customer up-to-date. You must especially look for a builder who is a member of Confederation of Real Estate Developers Association of India (CREDAI) or Builder’s Association of India (BAI). These bodies have strict norms about quality and transparency for each of its members.

 

  • Project Quality:-  Look for signs of quality construction and attention to detail when you visit the home. Also consider the building products that a builder uses. Are they brands with well-earned reputations for quality? It is very essential to check the quality of the projects the builder has built in the past, this gives the buyer a clear understanding of the standard of the builder.

 

  • Compensation:- Builders have an agreement that assures of damage for delayed possession, if any. It is a rare case in which damages are claimed and given. Ensure your builder is ready to pay compensation, if the project is delayed.

 

  • Resale Value:- Good reputations follow good builders, among home buyers and Builders. Look for builders whose homes tend to hold or maintain their value. Look for builder ads that specifically mention the name of a builder for a home for sale that’s now five or seven years old. That Realtor clearly sees the builder’s brand name as a big plus.

This is a major life decision and once you gather all your information, take your time and consider which Builder will really be the best fit for you. You’ll be living with that decision for years to come so give yourself time to ponder and evaluate.

 

This guest post has been written by Gunjan Johar - Real Estate Analyst & Home Decor Blogger

Updated: 7/26/2017 10:36:31 AM
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