These are real bad times for the construction industry considering the falling demand for new properties due to high interest rates and ever-increasing property prices and escalating construction costs that might tempt builders and developers to cut corners and fiddle with the quality of materials used for construction.
Image courtesy of [vorakorn] / FreeDigitalPhotos.net
Now not every builder would indulge in cutting corners to save on construction costs but at the end of it, it’s your hard earned money at stake and you need to ensure that you have done all the due diligence required before buying the property of your choice.
Like all things new, you can easily expect a newly constructed building to be bright and shiny with impeccable fit and finish but like they say “all that glitters is not gold” and this definitely stands true for a newly constructed property.
Step forth and take a closer look at the building you have just shortlisted and look for the following parameters before you go ahead and sign on the dotted line.
Quality of Construction
Look for the quality of materials that have been used for interior designs. This can include the electrical fixtures, the fixtures used for plumbing, and the type and grade of materials used for tiling, flooring, and designing doors and windows. One look at the quality and finish of these items would give you a good indication of the overall quality of construction.
Another good think to look at is the quality of paint. Look for the type or variety of paint that has been used and the overall finish and smoothness of painted walls. It sure doesn’t take an expert to identify a cheap quality paint job from superior finish which again indicates that the developer has indeed compromised on quality.
Lastly, look for patch work on the buildings exteriors. As per experts, a lot of patch work on cracks that have developed on the building’s exterior might be an indicator of a faulty foundation among a host of other things. You also need to watch for misaligned and creaky windows and doors and uneven floors – especially the ones in the bathroom or kitchen platforms and the way tiles have been laid.
Check for the Developers Reputation
When people set about purchasing any other product, they definitely look at the brand value before making that buying decision. Why not do the same for new property?
The thing with large or reputed developers is, in a highly competitive market the big guys have a reputation to keep and they do all they can to ensure that their projects have a stringent mechanism for quality control for be it the use of primary construction material or the use of internal fixtures and accessories or the overall quality of construction.
Another good thing about large developers is the format of construction they follow across projects, which is almost the same depending on the category or scale of the project. What this basically helps you with is to check the older projects of the developer that would give you a clear indication of how good the quality of construction is by looking at how well or poorly the building has withstood wear and tear over the years.
Look for Star-Rated Projects
Acquiring a star-rated project so far is a sure fire way of ensuring that the property is of sound construction quality. Crest, which is the real-estate project rating division of Crisil has outlined 5 key parameters to rate real estate projects. These include legal, financial, quality of construction and innovation aspects of the developer before rating their projects.
The only drawback of acquiring a star-rated project though is these come for a comparatively higher cost than non-star rated projects and it would entirely be the buyers call to decide if he would like to opt for a star rated project based on his buying capacity.
Seek Professional Help
Now what if all of the above doesn’t help you zero down on the right kind of property. If you are still doubtful about the credibility of the project and find projects from reputed builders or star-rated projects way beyond your reach, hire the services of a qualified architect or a structural engineer to inspect the quality of construction.
Agreed that the above would mean additional expenses, but this would just be a tiny fraction of the money you are going to spend to purchase the property and this undoubtedly helps you buy complete peace of mind and absolute surety of the quality of construction of the property you are willing to acquire.
So that’s about it. Hope you found this a good and useful read. Have questions or comments? Feel free to leave them in the comments section below.
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