There are different reasons for buying a property. It could be an investment that you want to make or could be the dream home you have been looking for all your life. You could also be looking for a business or family expansion. Whatever may be the reason, you need to be well-informed before you buy a house in Chennai.
But before buying a house, a well-thought checklist should be made after, that too after careful consideration of the whole process. So, you must take into account the selection of the right builder because it is as crucial as choosing the right property. So, before your buy a house in Chennai, you should ask the builder important questions so that you can select the builder accordingly:
1. Is the property located in a quickly expanding area?
A thorough research needs to be done before you invest in real estate in Chennai. Consider checking the floor plans, locality, road accessibility, etc. You should also be able to differ between a luxury property and a regular source. In addition to this, check out the proximity of supermarkets, colleges, retail outlets and schools.
2. What is the number of flats sold?
When you look out for options in real estate in Chennai, you will see that a builder will never tell the exact amount of flats sold, so you may have to resort to indirect ways of getting this question answered. You can do this by asking the builder about the number of inquiries that he/she gets on a daily or monthly basis on which you have the chances of getting a rather more accurate answer. Make a conversion of around 1% to 2% so that you finally know the total flats that must have been sold by then.
3. What is the cost breakdown involved?
When you head out to buy a property or an individual house in Chennai, you will notice that there are various costs involved apart from the building cost. Ask the builder about the complete breakdown of all the costs in the building so that you get a hang of all the incurred costs associated with the property if you decide to buy a house in Chennai.
4. What are the projects covered by the builder in the past?
You can inquire with the builder about the projects undertaken by him or her in the past. You should know if the builder received occupancy or completion certificates after successful completion of projects or not. Thus, the builder’s track record should be in your knowledge before you buy an individual house in Chennai.
5. Is the building made of materials that are high on quality?
Before you consider buying a house in Chennai, you should take a tour of it. It would be more helpful if you go around the premises when the property is still in the construction phase. This will give you deeper insights regarding the quality standards associated with the building. Ask your builder all the information about the materials utilized in the making of the building. The questions can be related to anything, like the materials used in windows, doors, walk-in closets, etc.
6. What is the payment schedule?
Buyers find it difficult to go ahead with strict deadlines in terms of payment. So, ask questions about the payment schedule from the builder. A delay in payment will invite a fine from the builder. Hence, to avoid such a case, you can go for a negotiation with the builder according to your ease.
7. What is the property size?
Property development pricing is not done according to the built-up area but according to the carpet area. Hence, before you invest in real estate in Chennai, you should check out whether the property is priced according to the carpet area by the developer.
8. What will you get in terms of amenities and facilities?
A lot of amenities and facilities will be promised to you but checking them out for yourself is something you should do. Do a site-visit before you buy a house in Chennai, and check out garbage chute system, fire alarms, car parking, power backup, lifts, etc.
9. Ask about the copy of the agreement
When you decide to purchase a house in Chennai, you will notice that the builder will sometimes hesitate to provide the copy of agreement before you make any payment. But you can ask for it because it is legally your right.
If you ever take a look at an agreement you will see that most of the terms are in the builder’s favour and the buyer can do nothing but sign the agreement. Also, it is important to note that after you pay the booking amount, it is unlikely that the builder will listen so it is better to get the agreement copy beforehand.
10. What are the commercial rights that are being retained by the builder?
The commercial rights will be present in the agreement. But you should carry out complete checks before you decide to pay the booking amount. For instance, the buyer will get club house membership by the builder but the builder may retain the commercial rights for its monetization in the future. It is considered unethical on the part of the builders when the buyers come to know that the builder has retained every commercial rights of the project even though the owners were paying the maintenance all this while.
Hence, when you head out to buy a house in Chennai, brainstorm and ask these questions so that you can make an informed choice and don’t end up regretting at a later stage. Think through your preferences and make a detailed analysis of what you are exactly looking for in a place before buying a house.