Facts to check before Investing on any Real Estate Asset.

 

Buying a property is a one-time decision for many. It's a moment when you are excited, stressed, and many times in a hurry!. You look at some properties and one of those properties gives you that feeling of “that’s my dream home”. You get attached to something special about the property and every other aspect looks fine to you. On top of it, you feel you want to block the property as soon as you can and get into the process of arranging for booking money, down payment, and finalizing a home loan.

Just like a detective investigates a case and goes deep down to analyze a situation and then comes up with a conclusion, Buyers should also do some important investigations before proceeding with the procedure of buying a Flat/House/Plot.

We at Christian Legal Consultants strive to safeguard our clients from purchasing or getting entangled in any litigated Real Estate hazards. 

So we have come up with 10 things you should look at and think hard about them. These 10 points can also become a comparison tool for you to compare two or more properties, which we will look at in the end, but before that let us see what are those 10 parameters you should investigate before buying a property.

10 things to check before buying a home or Property in India

1. Goodwill of the Builder and overall Brand
Before you buy a Property, it's important to have a look at the builder's profile and his overall history. How many projects he has already delivered, and How much delay was there, Go to the website of the builder company and check old projects and ongoing projects. Search on the internet with the previous project name and you should be able to find some important information about it. See what people are talking about the builder and property.

2. Connectivity to your Work Place

An important parameter to look at before buying a property is the distance between your workplace and the property. It's something you have to deal with every day. A property that is 3 km away from your workplace is very different from a property that is 12 km from your workplace. Long Distances might mean inflated fuel costs, time lost in traveling, and getting frustrated and burning out each and every day for many years to come.

3. Connectivity to Schools, Hospitals, Transport, Markets, etc

You should check how far are schools, colleges, hospitals, markets, shopping places, and bus/train stations from the property. It should not happen to save money on the property but then spent on traveling your kids every day to school. Access to other important places is also very important.

4. Resale Potential in Future

When we buy a property, we are attached to it thinking that we are going to live there for the next few decades, but no one knows when we would be packing our bags again to move to some different location because of various reasons. At that time, if you realize that the property was suitable for you, but not for someone else, it is going to be a very bad situation. So you also have to think about the “resale” potential of the property you buy. Will the property appeal to someone else? Think about it again. For example, you might be looking at a property that has common parking, but what about the future at the time of selling, everyone you talk to wants a dedicated covered parking?

Also, Most of the people who are buying under-construction properties are very far from the core city. So it's an important point to check about the future development around the area. Find out what the future development plan is for Roads, Flyovers, proposed malls, and other things which might come up in the next 4-6 yrs. If the place is not yet properly connected to the main city, there might be future plans for it.

5. Rental Potential

A lot of times, people give their property on rent and move to some other location. At that time, if you realize that the property is not that attractive from a rental point of view, you will regret your decision. I am not saying this is going to be a deciding factor in your decision, but still, just keep it in mind and have a look at the property from this viewpoint only. If the property is near colleges or centrally located, or close to commercial places, you will never find issues finding people to rent your property.

6. Air & Lighting

Air and Lighting is something that will determine your living experience on a daily basis. The flat you live in should have good enough lighting (natural light) and proper air. Also, you should check how the air flows from various angles. In my current flat, the way the wind flows is amazing. So when you look at the property, check if some other buildings are blocking the air and lighting or not. Which side does the terrace or balcony face and the view outside?

7. Amenities Offered

You should also check what kind of amenities are offered along with the property. Things like club house, parking, lift, power backup, swimming pool, gym are some of the amenities. Now you might be a simple person who wants minimal things, but if you want to make sure the property has very good resale potential, you might want to look at these things. After all, all these things will matter to you or people connected to you and if not anyone, maybe the next buyer from you will look at all this.

8. Construction Quality

When you go to look at properties, check the construction quality. What we mean by it is to check the walls, their overall look and feel, how is the finishing done, Does it look premium or if the paints look as if it will come out very soon. Check the wiring, fitting, tiles quality, etc. If it's an under-construction project, the only option you have is to search on the internet about the builder and its past project experiences and what previous buyers are saying about it. Just put the builder name or any previous project name along with “+ construction quality” words on Google and you will be able to get some ideas 

9. Road Conditions Around Property

I saw one property that was a little inside the main road. The road was not straight, but was in zigzag fashion and was not that wide. It was an inside road and not the main road, so there was no future potential of getting a better road. Traveling each day on the same road will frustrate you in the long run, but might not be on a daily basis. Also, it's not that safe at night. So when you look at any property, check the overall road conditions at least up to 500 meters from the project.

10. Locality and Kind of people living around

You should also check the overall locality and who all are living around. Are you comfortable there, will your family be ok? Will it be safe at night? will your wife/mother be able to go on a walk for an hour in case they wish to? These are some questions you need to answer before buying the property.

Let me know if you loved this article and if will it help you for finalizing your property search and also help you compare two or more real estate properties.

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