Housing is among the most basic of human needs. Going hand-in-hand with this necessity is the desire to not merely have a place to call home, but to actually own it. Among India’s middle class and upper middle class population, the dream of buying a house continues to feature among the top financial goals. This remains true despite the liquidity crunch and the pay cuts that marked the COVID-19 crisis. MagicBricks data reveals that around 67% of buyers are actively looking for houses to purchase.
If you’re in the market looking to buy a house, it’s likely that you may have been charmed by deep discounts and deals. While the price and the possible discounts attached to it is undoubtedly a key driver of your decision to choose a particular developer, is it really the only one you should base your decision on?
Beyond offers and deals: How to go about choosing a housing developer?
It’s essential that you look beyond the discount tag attached to the price of the houses you’re looking at. They’re important influencers, no doubt, but more often than not, they could cloud your judgment and keep you from looking at the more pivotal factors that you need to factor into your decision. This is particularly true if you’re in the market shopping for your very first house. Add to that the constraint of a tight budget, and you’re almost certainly likely to be swayed by housing deals.
While they may seem attractive at the moment, they are not necessarily the key indicators of how your purchase will fare in the long run. To make a holistic and well-informed decision, you’ll need to focus on a number of other important factors when you’re choosing a developer.
Here’s a preview of some such factors.
The level of experience
Every other developer you meet will likely offer you the promise of top-class amenities that could upgrade your lifestyle. But it takes a developer of repute to follow up on that promise. And in the context of delivering lifestyle features that raise the bar and actually improve your quality of life, experience is key. Developers who have taken the time to build their brand are backed by years of experience and efforts. And it’s this factor that you should look at when you’re weighing different home developers before making a purchase.
You will come across several developers in the market who offer plethora of amenities and a promise of an upgraded lifestyle, but when they fail to follow through on the upkeep and maintenance involved, those dreams could come crashing down. Therefore, before choosing a developer it’s imperative to do research to find out whether they have been able to deliver what they had promised. Choose a developer with a good deal of experience in the area.
The degree of transparency
When you decide to put your money on a housing unit, you need to ensure that you’re well-informed about all the essential aspects related to that house. After all, as a potential owner, you need to have all the necessary information at your fingertips, so you can make appropriate decisions and act in a timely manner. For this reason, it is important to choose a developer who is transparent and open to communicating all the necessary project-related details as and when they need to be made accessible to you.
Reputed developers rely on interactive digital mediums to constantly keep you in the loop. Furthermore, these platforms continue to remain vital gateways for information and communication even after the purchase has been made, so you can raise grievances or have your queries resolved as and when they crop up. Look for this degree of transparency when you’re out house-hunting.
Their commitment to quality
An irresistible discount may be tough to turn away from, but ultimately, the discounted price is only worth it if you get more than what you’re paying for. Deals attached to houses that are of subpar quality are ultimately merely cash drains that will result in steep upkeep, maintenance and repair costs over the years. It’s for this reason that you should always factor in the quality of the project and the housing solutions offered by the developers you’re considering.
Reputed developers pay a great deal of attention to housing quality, and they ensure that every element of the project, right from the materials used for constructing the houses and the technology utilized to the regulatory aspects of the housing project are all up to the required standards. The commitment to quality also extends beyond these aspects and envelops a larger set of parameters like timely delivery, RERA registration and particular attention even to minute details. These are aspects that you wouldn’t want to pass up on in favor of an additional discount.
The ease of financing your purchase
Financing is a key aspect of making the decision to purchase a new house. Interestingly, several developers today offer the expertise of their own in-house team to help you obtain legitimate financing for your big purchase. This not only makes the process less tedious for you, but it also quickens the process of application and approval.
When you focus too much on the offers alone, you may unwittingly find yourself caught up in a poor financial deal that could cost you higher overall, making the benefits of your discount redundant. So, needless to say, the ease of financing is another aspect that you’ll want to keep an eye on when you’re zeroing in on a developer.
There’s no crime in chasing after a great deal or discount. The key is to keep sight of the important factors that matter despite the offers raining down around you. That way, you can strike the perfect balance and invest in a house that belongs to a project run by a developer of repute. The quality and the nature of the developer influences a variety of aspects, right from how easy it is for you to purchase the house to how smooth-sailing and comfortable your life in that house will turn out to be in the long run.
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