More often than not, property buyers land themselves into unforeseen pitfalls due to their ignorance. In such a scenario, it is the responsibility of the salesmen and real estate developers to inform them about the possible shortcomings they might experience during the course of their house’s development.
If you are a potential buyer, or have already bought a house in its developing phase, here are some words of caution that might do you good:
- Be prepared to find the final outcome of your completed home absolutely different from your initial plan.
- Extra costs that might be added to the overall expenses due to establishment of electricity and water connections might be initially overlooked. Furthermore, costs might arise to get the building plan approved by the municipality and/or due to interim interests approved for building loans during the construction process. All of these are legitimate costs although illegitimate costs might be spiked by unscrupulous developers for a quick buck.
- Contract clauses that allow for moderate changes to be made to blueprint plans. These are the clauses developers take advantage of to cut down costs and pocket the saved amount for themselves. Often laymen ignore such clauses, or do not probe further only to be disappointed by the end result.
You can proactively avoid all the above scenarios by contacting your sales agent /developer to discuss the contract all throughout.