Points To Keep In Mind While Signing An Agreement With A Builder
The opportunity to buy a readymade house or build a new one is a lifetime achievement for many people. A major part of people's money go into investing in a house. There are many players in the real estate industry who offer their services to prospective home buyers; some have properties already built and ready for sale, while others would offer to build them using their resources such as construction material and labor. There are plenty of builders in the market, but having chosen one, a customer must keep a number of things in mind when he signs an agreement with his builder.
Builder should be of repute:
This is perhaps the most obvious factor a person should keep in mind while selecting his builder. The builder should be of considerable repute because this will add authenticity and credibility to the agreement and make the whole deal a worthwhile affair. The builder's credentials should also be backed by previous projects developed under his supervision.
It is always wise to ask the builder relevant questions regarding the house for sale or the new construction he is due to begin. Doing so will impress upon the builder that his client has fairly good knowledge of construction work.
Scan the house details:
If a buyer opts for a readymade house on sale, he/she can consult people living in the locality about the building to ensure there are no legalities pending against it. He can also find out whether the land was previously a farmland or a vacant plot.
Warranties and paperwork:
A prospective home buyer should be in the know of the particulars contained in and excluded from the warranties. Warranties on critical areas such as roof and foundation will provide a sense of safety and security. Taking the help of a realtor to understand the nitty gritty of paperwork would be a good idea to be clearer on the legalities involved.
Finally, given that prices are relatively negotiable, the buyer should be able to negotiate prices because builders always set their profit margins in anticipation of this very query from buyers.