18Sep

4 Tips for Safe Investment on Under Construction Projects

Buying a home is quite a lengthy process. It requires a lot of research, consideration of budget, amenities and more. In short, it is a big step and requires a lot of preparation. When talking about buying a house, a lot of homebuyers tend to get confused between ready-to-move-in the house or under construction. Both of them offers pros and cons. Well, it is under construction properties that attract a lot of homebuyers for end number of reasons. However, you should also know that it is quite a risky affair for there might be a delay in possession and more.

Considering this factor, here are some aspects you need to keep in mind when planning to invest in under construction projects in Thane and around:

1. Bank Approval

When it comes to buying a house, a lot of buyers tend to rely on home loans for the purchase. In such a case, it is of paramount importance to know the project has received approval from the bank. This further makes the whole process of availing and applying for loans easy and hassle-free.

2. Check the Legal Status

You cannot just rely on the under or new construction in Thane and around just because it is reputable. As a potential homebuyer, it is your duty to do a complete background check as far as the legal status of the property is concerned. You can ask the builder for the legal status of the construction, just to be sure. Ensure the ownership of the property. Apart from this, also ask for the legal report on the construction to ensure it is on paper.

3. Payment of Booking Amount

This is one aspect you should not neglect on. Now that you have paid the booking amount ensure you ask for the receipt. There is every possibility the developer is fraud and to avoid misuse of your money, ask for a receipt. Do not forget to ask for an allotment letter which has all the details about the property and the money.

4. Get the Possession Letter

Always remember that the purchased house is not yours unless you get the possession letter. Once the construction of the property is completed, you are advised to ask for a possession letter from the constructor or real estate company.

All these aspects are well taken care of by reliable and reputable real estate companies offering new residential projects in Thane and around. Besides, ask your builder for building plan, commencement certificate, layout duly approved by the authority, development and sale agreement and so on.

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31Aug

What to Know Before Investing in Under Construction Projects

You will find a lot of homebuying advice is often aimed at people planning to buy a ready-to-move-in apartment. However, what if the buyer wants to invest in an under-construction house or property? How will you know whether the house you are buying meets your needs and preferences? Buying an under-construction house definitely, offers a number of amazing options. It majorly includes flooring options, floor plan, how you want the cabinets in the kitchen to be and so on. However, it also calls for some additional challenges, including knowing how reputable and reliable your builder is. Before you finalise on the new construction in Thane or around, it is wise you do your study on the complex.

Here are some of the major aspects a buyer needs to do when investing or buying an under-construction property:

Check the Builder

The first step towards investing in an under-construction or upcoming apartment or property is knowing how reputable the builder is. Ensure the builder or company you are hiring is in this business for years. To ensure you are hiring a reputable company, read some reviews posted online, or ask around for some feedback. Talking with former clients is a great way to get all the details needed to make an informed decision.

Understand Your Floor Plan

For a person who is buying a house for the first time, it is of paramount importance to understand the floor plan which majorly consists of room sizes. If you are new in this, then do carry a measuring tape. A lot of real estate companies now offer the option of virtual reality technology for under construction projects in Thane and around. This lets you understand and see what will be built.

Get A Home Inspection

A lot of homebuyers often make the mistake of not doing a home inspection before finalising a deal. If you think your new house does not need inspection, then you are wrong. It is wise to get an independent inspection done before you close the deal. A professional home inspector can easily identify the problems, whether minor or major before a builder’s warranty expires.

Choose Square Footage Over Upgrades

Another major aspect one needs to consider when investing in an under construction and new projects in Thane and around is to think about how you plan to spend your limited budget. Say, for example, if you have to choose between the fourth bedroom and granite countertops, you are advised to go for an extra bedroom. The reason for the same is because adding an extra bedroom can get expensive later on. In short, go for square footage over upgrades.

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