Buying a property of own, be it for residential or commercial purposes, is a blend of an emotional decision as well as practical skills. After a litany of inquiries and bargaining, we finally come close to signing up the deal. For the people who are regular buyers and retailers, it is not difficult to discern what to consider and what not to, but for the initiated ones, here is a list of EIGHT FACTORS you must consider if you are planning on investing in a new property.
1. BUDGET
It goes without saying that you have to prioritize your budget if you want to save yourself from falling for the seemingly tempting traps of brokers and agents. Do not stretch your margin in an irrational manner and do not underestimate the hidden charges.
2. LOCATION
Your surroundings are going to define the quality of your life or the possibility of your business blooming or dooming 9 in case you are investing in a commercial property. Do your background research and analyze the pros and cons of committing yourself to a particular property.
3. LIFESTYLE
Though it might be a little time-consuming, the efforts are certainly worth it. Do figure out if the place resonates with your personality. If you are a vivacious extrovert, you might want some social clubs around. If you prefer peace, you have to see if the area is too noisy for you.
4. TRANSPORTATION AND CONNECTIVITY
Whether you are a working professional or a businessman, you have to move around the city once in a while. To ensure that the place you decide to buy a property in is well connected to the other parts of the city and it has convenient modes of public transportations too.
5. LEGAL DIMENSIONS
Do read all the property-related documents carefully. If any property is under legal action or has compliance issues, it is best to stay away from such questionable investments.
6. BASIC INFRASTRUCTURE
We all deserve a healthy and safe environment and equal access to natural resources. See if the water supply and power supply of the locality are free of hassles. It would be a good idea to also check the air quality of your surroundings as many diseases these days are air-borne.
7. SOCIAL INFRASTRUCTURE
If you are planning to live in the property you are considering buying, it is crucial for you to check if there are any good administration offices, schools, colleges, hospitals, parks, banks, and playgrounds around. Nobody wants to travel miles for these fundamental requirements so it is a good idea to check all these aspects too.
8. CONSTRUCTION QUALITY
Don’t be too enamored by the exterior quality of the properties but also get it tested once by a professional structural engineer or architect. A well-constructed property can easily face uncertain natural or manmade calamities and hence is a key factor to be thought over.
9. VALUE OF RESALE
You might not want to live in the same locality for multiple years for the sheer joy of exploration at times. Do check if the property you are investing in has consolidated rand value or note.
10. RERA REGISTRATION
Be it a villa, apartment, or a flat, if you find one with RERA registration done, buy it without a doubt as this registration protects you against any kind of losses incurred due to structural defects for the next five years.
