Homes are generally the most precious investment in a person’s life. Most people exhaust their lifetime of investment in homes. That’s why finding the best living home becomes extremely crucial because you won’t be buying a new home any time soon. So how do we know the home we are buying is worth our lifetime savings?
One way to ensure that your investment is a good choice is by ensuring the builder is trustworthy and credible. But how, being a layman, do you decide that? How would you know whether it is reliable or not?
Well, honestly, it is not that difficult task. With a little guidance from here, you can determine a builder’s reputation; all on your own.
You can conduct a quick ground report, go ask some people, connect with some brokers. You can also
A reputed builder will also typically be a member of an industry association, such as the Confederation of Real Estate Developers Association of India (CREDAI), or the Builder’s Association of India (BAI). These are self-regulatory bodies that have strict norms for builders and any deviation may lead to the company being blacklisted by the association.
The International Organization for Standardization’s 9001:2008 certification criteria for a quality management system is based on eight principles, including customer focus and satisfaction. Therefore, an ISO 9001:2008 audited and certified builder is expected to be more professional in his approach, and it is a good idea to check this before zeroing in on a housing project.
Started in 2010, the Crisil Real Estate Star Ratings (Crest) provide city specific assessment of real estate projects, and can help you compare and identify quality projects in a particular city. They also have a National Developer Ratings list, which rates a developer on parameters such as good track record of transfer of clean title, maintaining legal and construction standards, and timely project completion. However, the developer has to register with Crisil to be rated and not many projects are on its radar yet.
The quality of construction is one of the most important aspects to consider when buying a home. The quality provided by a builder says a lot about the values and ethics of the brand.
Not only does poor construction affect the interiors of your home and hamper its longevity, but it is also highly unsafe if you live in a region that is prone to natural disasters like earthquakes.
Check to see if your developer uses the latest construction technology and has acquired the needed quality certifications or ratings for their projects.
Talk to the developer about the pricing and payment plans and do not hesitate to negotiate. Make sure the pricing, payment plans and other charges, on the whole, falls within your budget. Also, discuss the investment returns, ease of renting and nearby facilities before you make the decision. Investigate if the project is RERA approved, and has no legal issues to stand on the safe side.
Though you talk to them directly, you cannot completely rely on them. Their parameters of judgment might be different from that of yours.
So, cross-check with their previous customers and existing owners about how those developers delivered the project and how well they extended their support to customers.
Challenge your brain by analyzing if the developer is honest and transparent. Examine if the timeline he mentioned, the quality he assured, the budget he demanded and the other promises he made are practical and honest.
Do more research, take expert suggestions and find out if the developer left in your list is honest and the right one. If he passes the test, your job is done.
So, you are done with vetting the developers on your list. It might be difficult to decide whom to choose if they are equally trustworthy.
So, with the notes you have made, compare the factors such as quality, facilities, and budget.
Select the one who stands top and meets your requirements and delivers your dream home within the shortest possible time.