When buying an under-construction home, you can consider things like:
When buying an under-construction home, you can consider things like:
Research the builder
Check their background, previous projects, and customer reviews to get a sense of their track record.
This can help you determine your buying power and show builders what you can afford.
Make sure the property's land title, ownership documents, mortgage rights, and land use certificate are in order
Check that the property has a certificate of commencement, and that the builder has a license and permission to build.
Think about how close the property is to amenities, a busy road, or privacy.
A real estate agent can be a valuable asset during the construction process and can advocate for you if issues arise
A builder's warranty typically covers appliances, fixtures, materials, workmanship, and structure.
New construction homes require less maintenance because everything is brand new.
New construction homes are generally more energy efficient because of better insulation and more energy-efficient appliances.
When buying an under-construction home, you can consider services that help with the process, such as:
Legal counsel
A legal professional can review property contracts and negotiate on your behalf.
Home loan
A home loan can be a good way to buy an under-construction property. Banks offer home loans for under-construction properties, and the interest rates are often affordable.
Research
Research the builder's reputation, track record, and previous projects. You can also check if the builder has the necessary permits and approvals for the project.
Here are some other things to consider when buying an under-construction home:
RERA registration
Make sure the property is RERA-registered, which ensures the developer adheres to project timelines and is legally compliant.
Location
Consider the location of the property, including how well-connected it is and how easy it is to access public transportation.
Amenities
Consider the amenities offered by the property, such as security, power backup, a gym, a pool, and a play area.
Payment plan
Understand the payment plan offered by the builder and make sure it fits your budget. Be aware of any hidden charges, taxes, and maintenance costs.