Buying a property is a major decision in the life of most of the people. While looking for your dream house, you happen to be excited and stressed at the same time. Once we find such a property, we tend block it quickly and start arranging for down payment, home loan and booking amount. But instead we should calm down a bit and analyse each and every aspect to come up with a decision that you won’t regret later on. Let’s discuss a few parameters that should be taken into consideration while buying a property.
- Connectivity to Work Place
The distance between the property and your work place acts as a crucial factor in decision making as travelling for long distances can lead to more fuel consumption, time wastage, traffic issues and frustration. Also check how far are colleges, market, schools, hospitals and railway stations from this property. Connectivity by public conveyance is also worth considering. Suppose, you are looking for flats in Navi Mumbai, do not forget to check the nearest railway station and bus stand.
- Reputation and Goodwill of Builder
Before you purchase a flat, it is very important to do an extensive research on the builder’s profile and overall history. Do not forget to check the reviews, number of projects he has delivered and delays in delivering or construction.
- Resale Potential
When buying a flat, do think about the resale value of it. Suppose after a couple of years you have to shift to some other city and wish to sell this flat off, you should not get a shock of your life. To avoid this from happening, inquire about the upcoming or ongoing development projects like flyovers, roads, metro stations, etc and things that are trending in (like dedicated parking) to have a better idea about what the resale value would be 3-5 years down the line.
- Rental Potential
Sometimes it does happen that you shift to some other location and instead of selling this flat, want to give it on rent. If it is near a college or is centrally located, or near a railway station as in the case of Mumbai, finding tenants will never be an issue.
- Air & Lighting
Ample natural light and good ventilation are important for your life on a daily basis. Check whether there is another building that blocks sunlight or wind flow.
Facilities such as dedicated parking, lift, swimming pool, gym, club house and power backup are just a few to name. These amenities are also important from the resale point of view.
- Construction Quality
Go to the flat and check the walls for their overall feel, finishing and look. Check the quality of wiring, tiles, fitting and more.
- Locality and Type of people living around
Checking who all are living around you won’t be a bad idea. After all they will be your neighbours for a really long time.