Ways of Checking a Builder’s Credibility & Reputation
June 10th, 2021
A builder’s reputation and credibility are undeniably the number 1 parameter that every homebuyer should consider before plunging into the journey towards purchasing their dream home.
In numerous instances, the dream of a property buyer is not completely fulfilled as the concerned property buyer does not keep their words and commitments. The promised facilities are either not made available on time or they are not fulfilled ever. To avoid such circumstances, you need to consider the reputation of the builder necessarily before choosing them.
The perfect builder will facilitate you in availing you the property of your dreams and this is the reason why you should necessarily look forward to selecting the right builder.
The parameters to verify a builder’s reputation before purchasing a villa or flat
Here are a few expert tips for the assessment of the builder’s reputation before you finally go ahead to purchase the property.
- Background check – You should necessarily conduct a background check and check the builder’s reputation by fetching a list of good developers from the print media and internet. This would help you in thoroughly understanding the brand reputation of the builder you are considering. You should conduct all the basic research on the projects that they have successfully completed or the progress of the projects which are under construction. You should consider visiting their corporate offices once or twice and then verify the claims that they make and also to check if their office’s address and contact numbers advertised by them are authentic or not.
- Referrals – The internet has shrunk the world beyond comparison due to the advent of the internet and now more than ever, the word of mouth has indeed become a great deal in thoroughly determining the builder’s reputation and quality. The builder reputation is now constructed on the various referrals and recommendations of your colleagues, extended family members or any other trusted acquaintance in your circle.
- Developers and builders’ associations – When a builder organization is a member of a trade association, then this can be considered as one of the major traits of a credible builder. If the builder is part of a reputed trade body like BAI – Builders’ Association of India or CREDAI – Confederation of Real Estate Developers Association of India, then you can trust the builder organization. The associations of this cadre usually take great steps in ensuring the proper codes of conduct which should be ethically adhered to by every member of the association and a default of the same would lead to their blacklisting.
- Quality is the priority – In case the projects developed by the developer or builder group are legally approved by the set Regulatory or Governmental authorities, then this is a sure sign that the builder group actually emphasizes ethics and quality. If the builder organization is certified by the ISO 9000+ certification, then this tells a lot about the quality that the builder organization brings to the table. The 9001:2008 certification is the highest standard based on the parameters of reliability of the concerned builder organization and customer satisfaction that the builder organization offers.
- Track record – This is obviously more practical to purchase a house from a reputed and experienced builder organization that has a good track record as compared to a newcomer in the market. A builder organization that has a good delivery record and is known to have a professional approach is the one that should be ideally chosen.
- Reviews and ratings – This is rather easy to get a good rating of any company or business these days. Google has made sure of that now. However, apart from the Google reviews and ratings given by the realty websites that give an accurate idea of the builders’ strengths and weaknesses, the old school realty ratings also to an extent affect the overall reputation of a builder. Ever since 2010, the CRISIL or CREST Real Estate Star Ratings, and also the ratings provided by National Developer Ratings are good and trusted sources to effectively analyze the construction standards and determine the brand credibility of a builder organization.
- Financial stability – You need to necessarily determine whether the builder organization under consideration is financially stable or not. You should try and fetch the details of the company’s balance sheet and also the statement of cash flow to determine or to at least get a fair idea of the company’s financial stability.
We all realize that purchasing a dream home is a great deal to several of you out there as this is a lifetime investment for most individuals. However, if you determine all the parameters discussed here to choose a trusted and reputed builder, then buying your dream home would indeed be a cakewalk.