THINGS YOU MUST KNOW BEFORE BUYING A NEW CONSTRUCTION HOUSE IN KERALA
There are certain things that everyone must know before buying a new construction house in Kerala. Buying a house in Kerala is a major investment and it is very needed to consider certain things before making such a big investment. These things are as follows:
Tips for Buying a New Construction Home:
1. Find a great agent
Before booking a new construction site, always be sure that you are hiring an agent who has good experience with new constructions and isn’t someone who is connected with the builder. Most of the model homes are usually staffed by real estate agents who have a good connection with the builder. It is so important to have a agent without any connection to the builders in kerala because then he/she will be standing up for your best interests, will give you valuable advice on how to present your offer to be most appealing to the builder and also simultaneously give you the best possible suggestions to heighten your home’s resale value. An agent with connections to the builder would always keep the builders best interests in mind while getting his own commission which will leave you feeling duped at the end of it. Some of the developments require a site registration policy where your agent needs to accompany you to the site on the first few visits.
2. Be creative during negotiations
While negotiating with a builder you have to be creative since most builders do not like to drop their prices. Instead of lowering the prices you can approach a deal b asking a builder to pay the closing costs or performing upgrades at no additional charges. Builders are mostly reluctant to give out precedents while negotiating prices out of the fear that future buyers might expect the same discounts, Moreover most buyers like to negotiate ‘on the back-end’ since it is less obvious for them to sweeten deals on closing costs or performing upgrades. Hence it is important to research upon the builders prior projects or have your agent do the same so that you can go forward with an effective way of negotiating.
3. Get everything in writing
It is very important to not sign anything unless all the details of the negotiation has been agreed upon and properly being written into a contract. Verbal communication is not binding and hence it is very important to get everything in a written contract and be signed by all the parties before a decision is reached. Hence if somebody is considering buying a unfinished home it is very important for all the details about how the house will be finished, what will happen if the house is not completed according to the deadline and all the other deadlines and process of how things will progress needs to written down in a proper contract before proceeding to purchase the house and seal the deal. It is very important to have a prior review of the builders copy before signing the papers.
4. What you see isn’t always what you get
The complete and finished model home isn’t necessarily the same as the one that you will get in the standard. Mostly the model homes are equipped with a mixture of upgrades and standard features, hence it is very important to keep in mind while touring a model home that you have a fair knowledge of which is which and also the associated costs with the upgrades. Once you do consider buying a house it is very important to know what the things that are available are and what things you will get and obviously the cost associated with them. You need to keep in mind that the costs will vary with time and that all the price that might have been quoted to you in the beginning might not be the same with the one you get at the end of it.
5. Do your research on the builder
It is very important to research your builder before making a purchase of the house in Kerala. Make sure to visit other projects that the builder might have done in the past and talk to the homeowners. It is very possible for homeowners to have both happy and unhappy customers in the past and it is equally important for all these issues to be addressed and looked after before signing the purchase agreement document. Online Property search will save us from exorbitant rates in this process.
6. Get a guarantee
Most of the times you are buying a house that are incomplete. What are the guarantees that the project would finish on time? What are the guarantees that once the house is not completed on time there won’t be any extra charges? Most of the times the construction of a building gets delayed owing to pending approvals from the municipality or unavailability of raw materials for building the house. You need to get all the details of what happens in case such a scenario does present itself written in the purchase agreement document.
7. Get the home inspected
New homes are not such that they are devoid of problems. They can have problems too and hence it is equally important for your house to get inspected before buying them. The local municipality obviously requires new homes to pass the permit inspection, however hiring an independent inspector to check whether the house is code compliant or not is also money well spent. It is important to mention here that most of the builders have a provision of the customers opting for an independent house inspection and the builders making repairs if the building is not code compliant but do not allow them to take back their initial deposit if the customers are left dissatisfied with the work. So it is very important to make provisions for the inspection rights of the customer and the right to request repairs or terminate the agreement in the purchase agreement document at the very beginning of the purchase.
8. Find out what’s covered
Many of the new homes come with a warranty from the builder but it is equally important to know which comes with what, what is covered and what is not and for how long. Many builders also use third party warranty companies to look after the warranty of the house. Many components in the house like the windows or doors or materials used in making the house come with separate warranties and the builder might refuse to work on them if any issue regarding the same ever arises. So it is very important to know what is covered by what and you must ask the agent to get the warranty information early and upfront from the builder who would be able to know these details so that you can address any concern in the offer documents beforehand.
9. Look at the future
It is very important to look at the future aspects of a building before opting to buy one. For example if you are having a view near your house at the present moment, will the same be present five years from now? It is left to the customers by most builders to gauge the neighbourhood dynamics of the building, so it is equally important to address these concerns and look into them before making a purchase. And if you don’t have funds to purchase a new home, you can consider home loans.
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