Things One Should Consider Before Shortlisting A Property
Whenever you decide to buy a home you have multiple options of builders to choose from. Each builder will have several projects with different features in different locations. Shortlisting from all of these options can get difficult and overwhelming. Don’t panic, the following parameters will help you to quickly shortlist a project.
1.Location: Location is the most important aspect when it comes to buying a property. As a buyer you will have preference for a specific location in your city say a particular locality or north, south of the city. You should weigh in the proximity to the project from your workplace. You should evaluate how far are the civic amenities like hospitals, bus stand, airport, schools etc. Also check different factors of town planning like water supply, livability of the area, future expansion etc.
2. Appreciation: Appreciation is considered to be very important parameter when it comes to real estate investment. It gives a higher return whenever you decide to sell the property also it will increase the rental income if you let it out.
3. Compare the master & floor plans: Analyze the sizes of different projects, floor count, number of towers, shortlist a project which meets your preference &liking of building architecture. Check whether the project has unit configuration you are interested in: 1bhk, 2bhk, 3bhk, penthouse, villa, row house. Check the percentage of built-up area is given as carpet area. Large carpet area is always better.
4. Builder Reputation:
Evaluate the builder based on following factors
• Number of projects the builder has completed till date, & how many projects are delivered on time.
• Is there any pending litigation against the builder in public domain? Go through the RERA website link of the project for more details.
• Reviews of the builder I public domain
• Are there any land disputes related to the project?
5. Amenities: List down the amenities you want for your family & check for the project who is providing you the preferred amenities. Check the construction quality of amenities that the builder is providing.
• Essential amenities for families with/without kids: children garden, gym, swimming pool, jogging track, sports area.
• Essential amenities for families with old parents: Garden, Yoga & Meditation area, reading lounge etc.
6. Compare Authorized Banks & Payment Schemes: Check the list of banks that have tied up with the project. They should have approval from the PSU banks like SBI because they carry more rigorous due diligence of a project than any other private bank.
Check the payment schemes offered by the builder.
Construction linked plan: Payment needs to be made by the buyer as per the progress of the construction.
Subvention Schemes: This involves buyer, builder & bank in a tripartite agreement. Buyer pays 10% of the total amount for booking. The builder has to bear the interest cost till the subvention period. Buyers will start paying the EMI after the subvention period. Delay in the possession become troublesome for the buyers as they have to pay the rent as well as the EMI when subvention period ends.
7. Cancellation Policy: Certain questions like What will happen if you cancel your investment plan after paying the booking amount? How much penalty will you have to pay? When will you get your booking amount back? Etc. arise when you decide to cancel the booking for unforeseen reasons. Compare the cancellation policies of different builders before shortlisting