A recent article published by the Economic Times lists 5 most common regrets for home buyers:
1. Overprices homes – Many times due to push selling tactics used by brokers or builders, e.g., to create “special offers” that are available for a few days
2. Poor quality construction – Usually seen as significant differences in real construction from the sample flats shown to buyers. Many of these items buyers get to know after they start living
3. Hidden costs – Could be of maintenance and upkeep required after possession on even price escalations, or costs for additional government approvals or to cover litigation, etc.
4. Litigations – In most cases buyers will have no idea about these until its too late and the project is embroiled in controversies and delays
5. Lack of basic amenities- Typically caused due to make shift facilities (like a bore well) or lack of municipal facilities (e.g., connecting roads)
Based on my own buying experience, I can unfortunately tell you that I have faced issues #1, #2, #3 and #5 in the couple of properties I have bought. I have not faced litigations although I have seen huge delays and not sure if litigations caused those delays.
Now that I am wiser and more aware of these issues, I try to conduct very thorough due diligence of the project prior to committing any money. I also recommend you conduct a title check and approval check for builder properties and one way to do this is by using PropertyChek’s services. We make it easy and convenient for you. Check our sample reports to find out content of our reports.
Also read the entire newspaper article here