Buying a house\nis not something you do every day. It is one of the important purchase\ndecisions you are ever going to make. If you buy a house that\u2019s already built\nand fully furnished, you know exactly what you\u2019re going to get. But if you\u2019re\nlooking to book a house or a flat that is part of an ongoing project or a\nproject where construction has not yet begun, you need to be very careful. Most\nimportantly, you need to find a builder you can trust. <\/p>\n\n\n\n
Given below is a\nlist of questions to ask your builder\nbefore you make your decision and pay the booking fee.<\/p>\n\n\n\n
Getting permits,\nprocuring raw materials, machinery and labour, etc. all take time. While the\nbuilder might not be able to give you an exact date, you should at least ask\nfor a ballpark. Especially if you have a house to sell first or if you\u2019re going\nto be renting.<\/p>\n\n\n\n
Aside from the\ncost of construction, there are various other costs involved. Ask the home builder to break down these costs\nfor you. Look for hidden costs and see if there are any add-ons or upgrades\nincluded that you can opt-out of and save a few bucks.<\/p>\n\n\n\n
Additional\nRead:<\/strong> Want\nto Own a Home? Find Out How<\/a><\/p>\n\n\n\n If you see a\nsign saying \u201cHurry! We are about to sell out\u201d, you might be impressed with the\nproject, considering that many people have already made a purchase. But how\nlong has that sign been up? If the builder dances around the question, at least\nget them to tell you how many inquiries they get in a week, or a month.<\/p>\n\n\n\n This is one of\nthe most important questions to ask\nwhen buying a house. It is imperative that you get an idea of the\nbuilder\u2019s track record. Ask about their past projects and the time they took to\ncomplete. Also, ask if they received occupancy or completion certificates for\nthese projects. <\/p>\n\n\n\n If the payment schedule\ndoesn\u2019t suit you, you can negotiate with the builder, but only before you pay\nthe booking fee. The builder will not make any changes once you have booked the\nproperty and you could be penalized for making late payments.<\/p>\n\n\n\n How many parking\nspots will you be allotted? Will you have access to the clubhouse and the pool?\nAre there sprinklers and fire alarms installed? How many elevators are there in\nthe complex? Is there a backup in case of power outages? You should know\nexactly what you are going to get before you pay the booking fee.<\/p>\n\n\n\n Additional\nRead:<\/strong> How\nto Plan the Right Budget When You Buy a New Home?<\/a><\/p>\n\n\n\n If you are\ntaking a home loan<\/a>, you know exactly how\nmuch money you have coming. Therefore, you might want to find a builder that\ndoesn\u2019t include a cost escalation clause in their contract. Otherwise, the\nbuilder can cite this clause and charge you for any unanticipated costs incurred\nduring the construction.<\/p>\n\n\n\n After you find the right builder, you could visit the Tata Capital website to use the home loan EMI calculator and learn about the home loan eligibility criteria<\/a>. With years of experience in the industry, attractive home loan interest rates<\/a> and minimal documentation, Tata Capital is the right lender for all your housing needs.<\/p>\n\n\n\n3. How many flats have you sold?<\/strong><\/h2>\n\n\n\n
4. What are some of your past projects?<\/strong><\/h2>\n\n\n\n
5. What is the payment schedule?<\/strong><\/h2>\n\n\n\n
6. What amenities and facilities are included?<\/strong><\/h2>\n\n\n\n
7. Is there a cost escalation clause in the contract?<\/strong><\/h2>\n\n\n\n