Alright. So, you are ready to make your first home purchase. Congratulations! Firstly, anytime is the right time to make your choice and put the money down on that property you love. But how do you complete the journey from your first online search to finally handing over your money to a credible builder who will deliver your dream home to you on time?
Most purchase processes today (gadgets, automobiles and even homes) start with a simple online search by the buyer. Try that in case of real estate and you will be flooded by information that you have no way of sorting through to find exactly what you’re looking for.
You see, real estate is a highly localized product line. A Toyota car or an iPad for instance are standardized products, meaning no matter where in the world you buy them, you will get a standard, similar product. Your home, however, is designed and built based on local trends and by a local builder. That is not going to change anytime soon.
How then do you go about buying a home you love without eating antacids twice daily?
Simple. Choose the right property broker. Here are three important points to help you make that decision;
#1. Deep local understanding and rated projects
The right real estate broker will not just give you options but also tell you which ones truly suit your needs. With rapidly growing infrastructure, a great location maybe a function of time. Your broker should tell you how something that is right priced today may appreciate and become unaffordable once the metro station comes up in that locality. Look out for little insights like these. It can help you make a great decision.
Work with a broker who has a rating system in place. A rating system is not really some piece of rocket science tech. It is simply a list of pros and cons that are specific to every buyer. If your broker is good, you will be heard, understood and a few specific recommendations will be made for you to choose from. This will cut through the clutter and help you make an informed decision. Result? Peace of mind.
#2. Credible Builders to choose from
Today, everyone is aware of the woes of numerous home buyers across India. Fraudulent builders who have taken money from buyers like yourself and not delivered on time. Heck, some builders have even disappeared. You certainly don’t want something unfortunate like that happening to you.
A good broker will make suggestions about projects that are being built by credible builders. Companies that have a proven track record of quality finishes, on time deliveries and ethical business practices. Do not hesitate to ask your broker about the background and track record of the builder. The right broker will eagerly demonstrate a builder’s credibility and prove a good track record. If that information is not coming forth in a satisfactory manner, you need to change your broker.
#3. Ethical legal and financial practices
The right broker should instil confidence in you with his words, paperwork and actions. Real estate purchases with credible builders are structured and clean these days. There are deliverables from the builder’s side ~ compliant legal paperwork, project bank approvals for a home loan, stage wise completion with a linked payment plan and a hand over date, among other things. Deliverables from your end would be timely submission of KYC documents and on time payments once the pre-agreed payment stages are reached. All of these should be clearly stated in the offer that is made to you.
While interacting with your broker, if you sense discomfort arising out of changing statements and commitment, it is best to walk away from that purchase and find another broker.
(At Square Yards, customer delight and peace of mind are the top priorities when we hand hold our customers through their search for the right home. We recommend properties to our customers like we were buying it ourselves.)