Things You Should Know Before Shortlisting a Safe Builder
If you are going to build yourself a home or invest in a house property, you should know about safe builders before hiring them. Let's walk you through it.
Buying a home is the dream of everyone; it's one more step towards fulfilling your dream.
While location and budget are the top two things homebuyers think about, the builder is also of utmost importance. The choice of project or builder will determine the quality of your stay in your new home. So be informed now before regretting later.
You should do a comprehensive builder inspection to ensure the future safety of your investment. Among so many options available, choosing a safe builder is quite challenging, and a safe and trustworthy builder means complete peace of mind of having the right people doing the work for you.
Choosing the right and safe builder for your new home will help you get peace of mind. So, before opting for a builder, you need to do some homework and get ready for shortlisting a safe builder. Let's go through some points to consider before choosing a builder.
Identify your requirements
First, get clear on what your home's requirements are. For example, answer the following questions:
- What is your dream home?
- What type of house do you want?
- What are your demands and needs, and what would you like and want to have?
- How many funds are you ready to spend / what is your budget?
Once you have the answers to all these questions, it will bring more transparency to the type of home you want and what you can afford. Plus, it helps you start your probe and find the right builder. Knowing your needs is also crucial because most home builders specialise to some degree and build a unique type of home for a specific price range.
Steps to determine the credibility of a builder
RERA Registration
Under the Real Estate (Regulation and Development) Act, 2016, all developers and promoters must enlist with the relevant state regulatory authorities.
RERA registration is one of the main characteristics of a trusted builder. You need to review the RERA certificate of the builder to judge whether the investment in their project is safe. A developer enlisted under RERA should enumerate all his details on the state RERA website, which is publicly available for home and flat buyers.
Project Quality
When it comes to shortlisting a safe builder, visit the finished projects of the builder. It will help you sense the quality of construction, the level of internal and external results, parking and open and green areas, including amenities such as parks, recreation areas and club areas.
Review more than just the project and, if feasible, get reviews from tenants or clients who stay with the project. You can also reach the company's Resident Welfare Association (RWA) to get a detailed overview of the amenities provided and maintenance aids by the builder.
Pay a visit to the finished luxury apartments of the builder to get an idea of ??the construction quality, work standards, parking, amenities, etc. Additionally, you can connect with the pre-existing apartments' Resident Welfare Association (RWA) and get inside information about the amenities provided by the builder.
If you intend to buy a property under construction, don't just go by the declarations in the brochure. Much counts on the skills and standards of the builder.
Reputation and background checks
You should do separate research over the internet by scrutinising for negative buzz about the builder on popular chat forums. Also, visit each builder's website for precise information on their project details, past delivery records, finances and awards, among others.
Visiting a finished project where people have already moved in will help you make the right conclusion. You may also feel like hiring an attorney who can complete a builder's due diligence through banks, trusted brokers, and builders association bodies.
You can go through research on any builder from prominent online discussion forums and be cautious of any negative builder reviews. Besides, you can check each builder's website for details about their projects, past delivery records, finances and other info.
Word of mouth
It is the most effortless way to find out about a builder's reputation. Talk to friends and relatives who recently invested in projects and ask about their experiences. That way, you would get the truths from the horse's mouth.
Delivering the project on time and within the calculated budget should be the standard of a good builder. Personal referrals from friends and family will be the best way to get details about builders' quality of construction, cost, reliability, turnaround time, etc.
Layout plan
The buyer must confirm that the project has obtained all approvals from the pertinent authorities. Make sure the company is ISO 9000+ certified. For this, you can check a copy of the structure approval certificate from the builder.
As all construction must get done by the National Building Code (NBC), check that the builder you choose complies with the NBC rules. Consult a third party to thoroughly inspect the building structure approval certificate to comprehend whether the builder is safe or not. The residential project should have all the required approvals from the concerned officers.
Member of the association of builders
Before finalising a builder, check if it is a part of authorised organisations like the Builders Association of India (BAI) and the Confederation Developers Association of India (CREDAI). These government bodies are usually governed by a code of conduct that is compulsory for all members.
Nevertheless, if the builder commits fraud, the buyer has the option to file a lawsuit or complaint to the correctional cell of these authorities. If the offence is still committed, the company may get blacklisted.
Delivery record
Most projects get delayed these days, so you must not invest in a project that might get delayed. One way to guarantee this is to invest in a builder which is good for shortlisting a safe builder who does not construct more than two projects simultaneously.
In all likelihood, the developer will use the reservation amount from one project to sponsor another, which may result in degraded construction quality or delayed project delivery.
Transparency
While buying a flat/property, there should be no perplexity regarding the covered area, super built-up area and total built-up area. Always ask the builder to provide data regarding past projects, related costs and concerns that you can refer to, even if you already have all the required knowledge from other sources.
Any discrepancies in his report should be examined and checked. If the creator doesn't respond to your questions or seems reluctant to provide data, they probably have something to hide.
A safe builder will be very clear about the covered area, super built-up area and total built-up area of ??the project. He should be able to respond to any questions you may have about it.
Evaluation percentage of previous projects
The valuation you witness for a particular investment emphasises the market demand for the project. To determine if a builder is in demand, look at the valuation rate his earlier projects have received, and it will give the buyer an idea of ??the future expectations of the project he is planning to buy.
Occupancy rates
Always check the occupancy rate of the finished projects of the builder you intend to invest with. It is difficult to ascertain, but market research from brokers and residents of an occupied project can provide you with this information.
A high vacancy rate may imply that the builder has faced unfavourable market opinion. You need to find out the causes of high vacancy; otherwise, you could be disappointed if you are looking for rental income.
Questions you should ask your builder
Getting a competent and reliable builder is essential for any construction project. With the rapid growth of the construction industry, it's no surprise to come across a cowboy builder or two. But how do you know the right builder for your project?
By asking the right questions, you can decide whether or not you are dealing with a skilled professional. Here are some questions you can ask your potential builder before you employ them.
How can I manage my project budget?
Budget management is a typical problem in every type of building, from custom residences to conversions. The builder you pick should regularly revise you on the cost of your project, from floor plans to finishes and fixtures. Working with a builder who uses a construction project administration app to track and manage your home budget is recommended.
How do I pick all my accessories and supplements?
Builders, true to their name, build and, in most cases, are not professional interior designers. If they don't offer in-house design assistance, you'll need to hire an expensive interior designer or choose and manage all finishes and furnishings unaided. Sounds a bit overwhelming, doesn't it?
How do you control the timeline and maintain my project on track effortlessly?
The second most common construction pain point is mismanaging the timeline. An established home builder with strong project administration knowledge will be crucial to keeping your custom home plan. A few factors that will contribute to the success of managing your builder's timeline include:
- Their business partner associations
- Communication within the team
- Specialised construction project supervisors who are on site every day
What puts you apart from other builders?
Each builder will answer this question differently, sell their company and the usefulness of cooperation. However, they answer, their answers should contain at least some of these critical criteria:
- Their standard of quality
- How they handle a project from start to end
- How and why do they construct their homes in the manner they perform
- Their relationships with customers after they move in
What is RERA?
The main goal of the Real Estate Regulatory Authority (RERA) is to encourage and promote the growth of the real estate sector in an organised manner so that it can fight some common problems such as delays in construction, poor grades of construction and inferior title. The property on which the project is built.
The RERA Act got passed by Parliament in 2016 and came into force on 1 May 2017. Here are the highlights of the RERA Act.
How will RERA help home and flat buyers?
RERA can comfort home buyers as the buyer's interest gets protected under various occurrences. Builders will also be responsible for the timely delivery of projects.
- In case of any delay in payment by the buyer or delay in completion of the project by the builder, the rate of interest payable shall be the same for both parties.
- If the project is delayed, homebuyers are entitled to a refund of their entire investment with interest (as determined by the authority). However, if the buyer chooses to remain invested, the builder has to pay interest for each month of delay until the final handover of the project.
- If there is any violation of the law, the authority has various powers to sanction the erring builders.
- As per RERA, the buyer can file a complaint against the builder for any violation. The Court of Appeal must resolve the complaint within 60 days from the date of receipt of the complaint.
Conclusion
Locating the right builder to work with can be just as challenging as building the house itself. You want to trust not only their building knowledge but also their project management mastery and quality of finish. While you may not be competent to get the final expense of your own home right off the bat, you should still comprehend what your builder's costs do and don't possess.
A custom home is a big investment, both in words of time and money. It is good to ask for connections so that you can know about the homeowners' past building ventures.
For obvious reasons, securing something to build on is a critical first step in custom home building. Working with a builder who can help you find plenty of items to build on will make this step much more comfortable as it is crucial to comprehend which lots are appropriate to build on. So, if you want to own a home, shortlisting a safe builder is the essential step you must focus on.
