Generally, when people go for buying any condo, they usually focus on the plan, layout, location and what are the facilities available at the condo. However, there is another important thing that one has to consider and that is about the builder.
While considering the company who is promoting the condo, one has to look for only well reputed builders as they will never like to compromise with their quality, in order to maintain their name in the market. Even if you find your condo in the best location of the city, but if the builder is an experienced one then your home will not be as per your expectation. Rocco Basile says that people should give first priority to builder’s reputation and rest of the things will automatically fall back in its position.
You may get very luxurious condo at reasonable price. However, if the builder is not a reputed one then very soon you will start complaining about many things about your condo.
Rocco Basile suggests that you must ask following questions to yourself about the builder before buying any new condo.
- Find out how many people know about the builder
You can ask this question to almost anybody and try to obtain the feedback about the builder. You may also go to the website of the builder and see how people are rating the builder. What kind of reviews are written by their old clients? All these data will create a perception about the builder.
- What is their financial position?
It is very important to know the financial situation of the company that you can find in various financial reviews published in many different forums. It will be interesting to find what is the debt against the company? Many ambitious projects can fall flat if the company is under heavy debt.
- What is the track record of their commitment?
Find out whether the company completes the construction work within the deadline and also give possession of the condo on time as promised to their clients. Commitment of the builder is a very important factor as your money will be blocked with the builder and at the same time you will continue to pay rent to your present location.
- Do they have any history of failure?
In case, you come to know that the company has once failed to develop certain project then you must immediately withdraw your money as such builders can never be relied upon.
- Do they provide any warranty service?
Once you have taken possession of the condo your builders cannot shelve off their responsibility. They are still responsible for taking up repair jobs free of charge that develops due to various construction defects. Normally, warranty period is one year and thereafter the association will take over these responsibilities.
Therefore, whenever you decide to buy a condo in any city in the world you must try to find the answer of all above questions. Your decision will be dictated by how much positive answer you receive about the builder.