Home buying is once in a life time experience for most people as, it incurs huge cost and loan repayments for years to come. Almost all investors carefully examine the property details and what the builder/promoters are offering but, very often they do not bother to physically go and see the site where the project is proposed or built. This may lead to serious consequences if there are any glitches in commitment made by the builders. Therefore it is of utmost importance to visit the site multiple times before making a purchase decision. Importance of site visit :
- Location Advantages/Disadvantages – All builders claim their project to be the best and propagate the location to be the best one available however, once you visit the site for yourself you can make a better judgment by examining the proximity, nearby neighborhood, educational facilities, health care facilities , transportation and most importantly the price you are paying is justified or not. By physically visiting the site you will be able to negotiate better for the final amount, you can argue if there are any shortcomings of purchasing a property in said location.
- Status of Construction – If you make an investment by sitting in air conditioned office of the builder there are high chances that you will not be able to examine the quality of construction, branding of the appliances and fixtures, quality of electrical equipment and the current status of construction. For example, if the builder commits to give you possession in 1 year the project must be in its 3rd or 4th stage of completion i.e. paint jobs are in progress, landscaping is commenced and so forth. If the project still appears to be a brick and concrete building it will take more time and you can ask for actual time of possession rather than just believing the seller.
- Legal Status – Once you visit the site you can make sure that the project is legally approved from all concerned authorities to avoid any legal consequences in future. Almost all builders maintain an NOC from concerned authorities and you can verify them at the site once you visit. Hiring a legal consultant for making an investment is another great effort you can make as paying few extra bucks to the lawyer will give you a peace of mind regarding all the documentation and final buying process.
- Future of Investment – When you visit the project you make yourself accustomed to surrounding environment and how developed the area is. If the area is within few miles from main city, close to malls and market, the schools and gardens in the locality etc, these are the factors that will determine the value of your investment in coming times. If the locality is promising you can expect a great return on your investment along with rental assurance as compared to areas which are still underdeveloped.
- Occupancy – If the project is completed you can verify how many families are actually living in there, this will help you determine how your life is going to be like once to move in. The current occupants are also a great source of knowledge about the advantages and shortcomings of the locality and project.
- Amenities – A brochure is something that is made with a purpose to impress the potential buyers. Every amenity that is described on a brochure looks world class and coaxes you to buy but, by visiting the site you can have a firsthand experience of the amenities offered by the builder. If it’s under construction you can still make an educated decision by knowing the size of pool, club house, garden proposed by the builders in brochures.
- Reality Check – Visiting a site personally can make you aware of another projects in the vicinity and you can evaluate the amount asked by the builder is competitive or not. Moreover, various other aspects like situation of public transport, quality of roads and lifestyle of others to get certain about the project you are to invest.
To sum up, importance of site visit is undeniable, buying a property without a site visit could be suicidal and we do not recommend it. Property investment is a crucial one and you must make sure it to be a smooth one. Site visits make you more confident about your investment decision and must be carried out without any doubts.
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