Real Estate transactions are meant to be a win-win for the buyer and the seller (who is the builder). But in reality, it rarely happens that way. Home owners who are in a hurry to buy a property – or who are fixated on a particular property do not undertake a full due-diligence on the property, or the builder. And even if they do, they are willing to accommodate a few compromises along the way, which is where the trouble starts.
However, there are a few areas where a compromise is not required.
- Choice of Bank Loan: Do not be coerced into taking a loan from one or two banks recommended by the builder, and feel free to consider a bank of your choice.
- Frequent Updates on the project: Demand regular updates on the project by email or an online link, and cross check on them by visiting the project once in a while.
- Alterations and Customizations: There are several small customizations that the builder can accommodate without any extra charge, so feel free to exercise this option.
- Due diligence during the handover: The handover process can be a tricky one, and home buyers must have a clear checklist to ratify before taking possession.
- After-sales services: Since builders are supposed to maintain the project till an association is formed, check with other residents on the quality of the same provided.
Remember, end of the day, it’s your hard-earned money that is being invested in a dream home. One should be clear on why they are buying a particular property and must accept as few compromises as possible. This will add better value to your purchase and force the builder to provide better service in the days to come.