Buying a new home involves its own kind of risk, isn’t it? While you cross check the land and financial resources how many of you also go through the credibility of the builders? In the absence of the regulatory body for real estate you need to equip yourself in order to gauge the credibility
In case you are unaware of the ways to check the credibility of the builders – here is how you need to get it right.
- Check for layout plan – Checking out a layout plan is important. Once you check it out make sure that it is further authorized by the authorized bodies. Construction buildings that do not have an approval from Municipal Corporation of India wouldn’t be given an approval to occupancy. Therefore, one must determine the credibility of the builder. Similarly, when it comes to real estate builders each plan is carefully analyzed and approved.
- Comparisons with competitors – Comparisons with the competitors shall provide a clear idea. List down some of the competitors of the builders and compare the builder’s project based on various parameters. It is one of the efficient ways of developing an understanding about the builder.
- Word of mouth – There is always some amount of exaggeration in advertisements, however, word of mouth never lies. Talk to people about the builder. Get in touch with the friends and relatives who might be aware of the builder or stay in the same vicinity. Try to gauge the information from your near dear ones and analyze it carefully. If you read about builders you would realize that the word of mouth generated is always positive.
- Research it well – Apart from talking to your near and dear ones go through the reviews available on the internet. If you browse thoroughly, you would be able to figure out that there are a number of sites who provide reliable reviews. Get through them.
- The quality of the project – One of the good ways of evaluating the current project quality is by evaluating the previous ones. Go through the projects the builder has done so far and try analyzing it. This would further help you in understanding the quality of the material used, interior and exterior work and so on. Builders ensure that the quality of the project is above the expected standards and they believe in providing nothing less than the best.
- Delivery schedule – Determining the delivery schedule of the project is crucial. You wouldn’t desire to invest in the property whose delivery schedule is way ahead. Hence, it is vital that you better ask and document the delivery schedule of the project.
- Vacancy rate – Vacancy rate also talks a lot about the quality of the project. In the case when the quality of the project is good then the vacancy rate shall be lower. Similarly, when the quality is worse or perhaps not up to the mark then the vacancy rate would be higher. This shall work as one of the few parameters in deciding whether to invest in the property or not.
This is how you can eventually gauge about the builder and check how credible he/she or his project is. Before investing in any property it is best to cross check such credibility and think before acting.