When buying a house from a property developer, it’s important to thoroughly evaluate various factors to ensure a safe and satisfactory investment. Here are key considerations:

1. Developer Reputation and Track Record

• Research the developer’s history and reputation.

• Check reviews, testimonials, and feedback from previous buyers.

• Verify the completion rate of their past projects and quality of construction.

2. Legal and Regulatory Compliance

• Ensure the developer has proper licenses and approvals for the project (e.g., land use permits, environmental clearances).

• Confirm that the property is free of legal disputes or encumbrances.

• Check compliance with local real estate laws, such as RERA (Real Estate Regulatory Authority) in applicable countries.

3. Location and Neighborhood

• Evaluate the property’s proximity to schools, hospitals, shopping centers, workplaces, and public transport.

• Assess the neighborhood’s safety, development potential, and infrastructure.

• Consider future growth prospects and property appreciation in the area.

4. Quality of Construction and Design

• Visit model homes or existing projects to inspect the quality of materials and finishes.

• Evaluate the design layout for functionality and space utilization.

• Confirm the use of sustainable and energy-efficient materials, if applicable.

5. Pricing and Hidden Costs

• Compare the price with similar properties in the area to ensure it’s reasonable.

• Check for hidden costs like maintenance charges, registration fees, and utility connection charges.

• Assess the payment schedule and any financing options offered by the developer.

6. Project Timeline

• Confirm the expected completion date and verify the developer’s track record for timely delivery.

• Ask about penalties for project delays, if applicable.

7. Amenities and Facilities

• Check the availability of amenities like parks, gyms, pools, and security systems.

• Evaluate the maintenance of shared facilities and the expected costs.

8. Warranty and After-Sales Service

• Ensure the developer provides warranties for construction and installations.

• Inquire about the after-sales service and customer support offered.

9. Financing Options

• Check if the project is pre-approved by banks or financial institutions for loans.

• Understand the terms and conditions of financing, including interest rates and loan tenure.

10. Resale Value and Investment Potential

• Assess the property’s potential for appreciation over time.

• Consider its desirability in case you plan to sell in the future.

11. Contract Details

• Thoroughly review the sale agreement, including clauses about penalties, warranties, and project handover.

• Consult a real estate lawyer to verify the terms and conditions.

By addressing these factors, you can minimize risks and make a well-informed decision when purchasing a property from a developer.