What are
the most important needs of any human being? Well, no second thoughts on
that. Roti, Kapda aur Makaan. These
three have been the basic requirements of the homo sapien race since we got the
first ray of civilization. Not to mention that all three have equal
significance in our lives as thinking life without anyone of these is
completely unimaginable.
We can
write paragraphs about the surplus or dearth of these things to many of our
brethren but here my objective is to talk about the third need (not in the
order of significance), makaan. We
all know how much value our houses have in our lives and by ‘value’ I mean not
only in terms of money but also emotions. These are emotions only which make a
House a Home. Needless to say, moneywise also the value of one’s house never
goes down. This is an investment where one will never notice a depreciation.
Small or big, but the demand of a house will always be there.
Since
having a house is so important, isn’t it our right to properly investigate
& then put in our hard-earned money in somebody’s hands? So here are some
of the points to check out for before investing in a real estate:
a)
Location:
Location of the property is the most crucial factor. If you are living in a city
and are planning to buy a house there for immediate residential purposes, it is
very important to have it at a good location. The location should be such that
all the required social infrastructure like Hospital, School, Police Station,
market etc. should be within 2kms range. Also, the location should be such that
owning a house there should fit in your budget.
b)
Pricing:
Needless to say, we all check prices of anything we buy in our daily life. So,
when buying something like a property has to be preceded by good research of
the market related to prices and I am sure it is not something which I need to
emphasise much as we all do it. But along with the price, do check about the
size of the flat, number of bedrooms, amenities provided (if the house is in a
society), maintenance etc. at the declared price and compare some properties in
the chosen area with each other before putting your money into one.
c)
Appreciation
of the Property: Another very important factor to
understand is the appreciation of the property in next few years especially if
you are buying the house mainly for investment purposes. Due to the fast-changing
market scenario and volatile rupee value against dollar, the property prices
also get affected. Though mentioned earlier that its price never goes down, still
one needs to make sure how fast and at what rate the price is going to
appreciate. This depends a lot on the first point ‘Location’, as the faster the
infrastructure grows around your property, the faster and higher will be its
price appreciation. For example, Cunnigham Road in Bengaluru, Banjara Hills in
Hyderabad are some of the areas which are seeing sky-rocketing growth in prices
now due to their good growth.
d)
Reputation
of the Builder: It is very important to check the reputation
of the builder from whom we are going to buy our property. Research on its past
projects and if possible go and visit some of them. Get to know from the market
how has been the builder’s performance in honouring its commitments, i.e., has
it been able to give the possession in time? If not so, how much was the gap
between the given date and the actual date. Now-a-days, it is discouraging to
see even some big and well-known developers faltering on their commitments and
hence it is very important to know their history and not to trust blindly on
the name. Its best if you can get to talk to some of the residents of the
builder’s previous projects as they will give the most honest response,
positive or negative.
So,
friends the above are some of the points which I feel are the most important in
buying a house anywhere. I know there will be many more points but the list is
endless. If you feel there is something as important and I have missed that
out, request to let me know in the ‘reply’ section below.
But
overall, don’t miss out on the above four points and make your future dream
house your dream home.J
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