Things to Know Before Buying a New Construction Home
There are millions of blogs and articles on the internet which talks about what to check and know before buying used flats or villas. But what to do if you wish on buying a new construction home or a home which is still under construction.
Buying a new construction home can be a challenge because when you do not have anyone to ask how the property is. Since you will be one of the first inhabitants of this property it is a risk but it can also be a risk worth taking. If you wish to buy a newly constructed house, you will definitely get a better deal compared to buying a flat which has already been used and is an established one.
Checklist for before buying a new construction home
Check if the builder is reputed
Buying new construction houses for sale is a dream come true for everyone. We all prefer buying 1st hand good rather than a used one. But in the case of properties, most of us prefer buying used ones because a house where already people stayed is more secure than a completely new one.
When you are buying a newly constructed home, always make sure to check and study the builder. Reputed builders always have a clean slate when it comes to paperwork and they abide by the municipality rules. But if the builder is not reputed, then there are chances that some illegal things can crop up. This might, in turn, raise problems in the future for you.
Research the community
When you are planning to buy flats for sale in Hyderabad which is newly constructed, you need to research the community well. Make sure the community has all the amenities like transportation, markets, etc. Also, check about the people residing in the community. You do not want to stay in a place where the neighbors are very rude or violent.
Has the project got approval from the Municipality
Getting permission from the municipality to construct a new building is one of the most important things which you should check. If the building has not approval from the municipality, then the building is termed as illegal construction.
Understand the terms and condition
When you enter into an agreement with a builder, make sure that all the terms and conditions are cleared. Clear all your doubts and understand the clauses properly. For example, if you wish to cancel your booking, then make sure there is a clause for refund.
Flats for sale in Hyderabad which are newly constructed needs to be inspected properly. Proper inspection of the entire area including the parking space, lawns, etc needs to be checked.
Project completion time
Make sure to know the final date of possession. There are instances where the flat possession is given after 10 years from the booking date. Clear all your queries because once you enter a contract it will be difficult for you to bail out.
Try to find if there are any hidden costs involved
Many a time builders, produce unexpected billings before giving the final possession of your flat. For example, just before handing the keys the builders might give you a bill for development fees, other taxes, etc. These hidden costs are old tricks which are still played by the builders in order to extract a few extra bucks from you.
Take a tour of the property
Before making the final payment, make sure to check the entire house properly for any defects or damage. Your walls should not have any damp signs, and all your electric connection should be working. If everything is okay, then go ahead and make the final payment.
Check with the Electricity board
Check with the electricity board if your builder has already applied for new connection and meters. This is very important, because if you apply again for the meter, then it will cost you extra.
Check with the locals about the water availability
One of the most important things to check before buying any newly constructed houses is the availability of water from locals. Many localities have fixed timing when the water distributed. Make sure to understand the trend of water supply in your new locality.
Check the law and order of the area
Since you are planning to move into a locality, always check if there are proper law and order or not. You do not want to live in a den of the mafia or local goons.
Hence, make sure to review the above points in order to buy a newly constructed home without any fear or risk. Risk is always there when you are planning to buy a newly constructed home, but if you follow the above tips, then no doubt you will get the best house of your dreams.