Buying property in Bangalore can be challenging and cumbersome. Challenging as you need to use your strategic and cautious mind to get the best return on investment (ROI). And cumbersome because you’ll need to take care of numerous significant aspects before you do so.
So, tread carefully to avoid getting involved in scams or fraudulent transactions. Before going through the purchase, talk to your builder and gauge their credibility through these questions:
#1. Can you show me your previous work?
Having a credible portfolio of successful projects is a major trust factor you shouldn’t ignore. After all, a builder’s credibility is too crucial in real estate investments. So, ask for proof of their previous projects. Look at their portfolio carefully and pay a visit to these projects, if you can.
You can even go a step further to speak to their previous clients to know about their experience. This way, you will have confidence that you’re investing in a credible project.
#2. Do you have a licence, and are you insured?
Legal hassles can be too much for you to handle, especially if you’re investing in under-construction projects. Fortunately, you can avoid losing your money mid-construction by doing your due diligence. To do so, verify the builder’s licence and the property’s insurance.
#3. What are the additional charges?
Often, people tend to ignore the minor details that make up the total cost. So, start by being clear about the actual cost of the building. Also, make sure that the builder has calculated based on the carpet area and not the built-up area. Your charges might vary a lot due to that.
#4. When will the property be delivered?
If you’re buying property when it’s under construction, ask your builder the exact date or the estimated period of the possession of your newly constructed home. If possible, get it in writing so it’s more binding on the builder.
#5. What quality materials are you using?
Many times, builders might use low quality raw materials to build properties and cut down on their construction costs. However, it might endanger your life or the lives of people who would live there. So. be aware of the quality and the kind of material they will use. If they invest in high-quality materials, that’ll be good for everyone!
#6. How is the locality and the neighbourhood?
Are you thinking of buying a villa plot in Bangalore? Or a full-fledged flat? In either case, knowing about your environment and neighbourhood is crucial to living a comfortable life. If you have a Housing Association or Society nearby, get yourself a copy of the rules and regulations of the housing society.
Apart from the neighbourhood’s safety and community, you also need to check for other amenities. So, check the transport connectivity, sanitation services, proximity to good schools, colleges and other important places.
Through this exercise, you can ensure to get a higher quality of life when you move there. Plus, you also get a high ROI if you decide to sell it in the future.
#7. What about the warranty?
Since property investments are risky, the warranty can be helpful to you. So, get clarity on the warranty period and have a stress-free future.
#8. Will every agreed aspect be provided?
If you’re buying from non-reputed or local builders, sometimes, plans can be malleable. Often, they take many deviations from the actual building layout and cause inconvenience in the future. So, ask them explicitly if they will build according to the plan. Apart from that, also ensure that you’ll get all the amenities like parking, play area, and others you paid for.
Final Thoughts
Though buying property is a wise decision, it can be a nightmare if you aren’t clear and explicit. Mostly, it happens due to a lack of consensus between the builder and the buyer. So, you should ask the builder and clarify even the most minor property details.
At Address Maker, one of the best builders in Bangalore, we have a foolproof solution for all your queries. So, reach out today to resolve your queries and have a smooth purchase experience.
