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Choosing A Location
Metropolitan cities’ real estate markets are no longer considered a safe haven for property investment. With a growing demand for a reduction in property rates, the chances of investing in metros are getting slim. It is becoming increasingly pertinent to explore destinations away from major cities, and invest in upcoming areas. Property prices in the metros are beyond the reach of the common man. However, areas beyond the cities offer larger homes with more affordable rates. Investors should think beyond metros because of lower prices, rapidly developing infrastructure, improved connectivity and the high potential for appreciation. If you are looking at selecting a home in the affordable price bandwidth, you will have to keep the pros and cons in mind. Details
Site Visit Checklist
Use this checklist so you don't miss anything out on a site visit.
- Take photos. Try to visit a site during the worst time for a location, like monsoons so you know what is the worst to expect
- Construction Quality: Check the ceiling and walls for cracks or moisture
- Interior Quality: Check quality of fittings such as flooring, cabinets
- Foundation: Cracks on the outer walls point to poor construction
- Official Inspection: Try to get the results of the last building inspection
- Structural Engineer: Hire one to assess the structural integrity of the building
- Lifts: Get a sense of how long you will wait for a lift during busy times
- Power: Ensure there’s emergency power backup for outage
- Water Supply: Is the water supply 24/7?
- Wiring: Turn on each switch to see whether everything works
- Phone signal: Check whether your signal is clear in all zones
- Plumbing: Flush the toilets and run the taps to see pressure and plumbing quality
- Leaks: Check for leaks from the walls, ceilings, under sinks, and on pipes
- Flood risk: Assess possibility of damage due to moisture. How badly is transit affected?
- Safety: Does the building have a guard or cameras? Have there been any break ins?
- Timing: See how light, noise etc. may vary throughout the day
Negotiating
Never accept a deal without negotiating. Here are some negotiation skills.
Here are a few bargaining tips that come in handy when negotiating on property price.
Here are a few bargaining tips that come in handy when negotiating on property price.
- Don’t divulge too many details or personal thoughts about the property.
- Ask the right questions - Is the seller in a hurry to sell? How many people are interested in buying the same house?
- Dig up property drawbacks the agent might try to neglect.
- Get a professional or a knowledgeable friend to help you vet properties.
- Don’t assume the agent is being fully transparent, do your research.
- Begin negotiations with a figure lower than your actual budget and be prepared with what you are willing to compromise.
- Talk to residents of the area to get a sense of the prices in the location.
- This is a good set of resources on general negotiating tips
- Housing.com has a property valuation tool that lets you check the neighbourhood demand and current market value of home and compare it with nearby homes nearby
Construction/Possession Delays
Projects can stall for a variety of reasons
- Financial constraints
- Intent to cheat customers
- A failure to obtain necessary approvals
- A violation of environmental rules
- Diverting money, into other projects.
- Do a thorough check on a developer’s credentials and reputation. Seek opinions from discussion forums such as IREF. Find out whether leading financial institutions have approved the project and are willing to finance buyers'>Seek opinions from discussion forums such as IREF. Find out whether leading financial institutions have approved the project and are willing to finance buyers
What If Delays
What should I do if there is a construction delay?
In the case of an extended delay on the part of the developer, the buyer can take legal recourse.
In the case of an extended delay on the part of the developer, the buyer can take legal recourse.
- Under the Consumer Protection Act, a buyer can file a case against the developer.The court can direct an order against the developer, asking him to complete the project in a given timeframe, failure of which will result in further legal proceedings under the criminal procedure code.
- Once a project stalls and is in limbo or the developer delays possession, the buyer can file a civil lawsuit for a refund of the money invested.
Developer Reputation
Ask the right questions, search previous news articles and ask pointed questions.
- Ensure there are legal pre-qualifications and due diligence documents
- Check the track record and visit previous projects
- Ask how many projects have been constructed and how many are underway
- Determine if the previous projects were completed on time
- Research on real estate forums like IREF
- See builder affiliations to industry associations, like Confederation of Real Estate Developers Association of India (CREDAI), or the Builder’s Association of India (BAI)
- Search for articles about the builder and about previous projects on the Internet
- Check if the project is preapproved by reputable financial institutions