How to select a Home Builder

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Post By By Buniyad

01/28/2015

1. Reputed Builder – Remember that you must review the reputation of the builder in the context of quality of construction with adept architects and delivery of the project. This further can be judged from the previous projects that he has undertaken. Additionally, you can ask the builder for few references from the previous customers and contact them whereby you can figure out as to whether the dwellers are contented or if they have witnessed some issues and were they fixed promptly and efficiently? Undeniably, the process is time consuming, but it works.

2. Ensure the Builder is Licensed and Registered – It might seem like a visible & obvious point to reinforce but people either don’t ask or go with an unlicensed builder with a motive to save money however, the results can be disastrous after then. In the absence of regulatory authority in India, it is hard to control unregulated development. Thus, the developer should either be a member of CREDAI (Confederation of Real Estate Developers’ Associations of India) or has obtained quintessential approvals from the licensing authorities. These authorities differ from state to state but could be either the Municipal Authority or the Town and Country Planning Department.

3. Should be free from legal troubles – Do not get associated with the project that is stuck with some legal inconveniences. However this does not entirely means that all the projects undertaken by this builder are flawed, the reason could also be a cue from lack of regard for the legal formalities at the builder’s end. In addition to this, in order to confirm for the legality of a project, you could probably seek advice from real estate lawyers or the banks. Also, almost all the nationalized banks proffer loan facility to only those projects which are legally correct.

4. Should be financially sound – To get rid of a situation when you get to witness that the builder does not equip required funds to complete the project which is further attributable to invariable impediment or could be stranded even (in the worst case).

5. Should be able to meet your personal requirements – You should opt a developer who fulfills your requirement of an ideal location and budget and for that you first need to identify your need of size of the property, budget etc, because the developers in one common area do come up with similar configurations with slight variations which would end up bearing a lot on the budget eventually.

6. Shop for value – The model homes being displayed are usually furnished with a motive to show you the general usage of space but you probably can ask the builder to show the demo of an unfurnished home. Besides, when inspecting the home, you should focus on the quality of the construction features like trim work, finishing, pain, cabinetry etc.

7. Price points – Do acquire a fully detailed written itemized quotation which straight forwardly depicts as to what is included or excluded in the price (ensuring you have information about each and every cost) and thereby leave no stone unturned. Price points being charged should be genuine, thus you should always make a comparative analysis of other developer’s project in the same area and if the variation is witnessed, try to gauge for the factors that make it premium in comparison to others. Additionally, do work on the hidden charges that the builder is charging in the form of parking, club membership and referential location etc. Also, just for information- the cost of labour and construction material charges are relatively same with all the developers.

8. Resale value – Try figuring out that the past homes built by this builder maintained or increased value and further make your decision accordingly.

9. Seek a referral from family/friends – Don’t forget to ask your friends and relatives for recommendations. Pose a question about the builders they have dealt with (without any intermediary) and did they witness a fair experience with the builder or not?

Post-considering all the above mentioned points, you can now choose an ideal developer which could further reduce the risk of your investment.

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