Buying a property on your own, be it for residential or commercial purposes, is a blend of emotional decisions as well as practical skills. Here is a list of ten factors you must consider if you are planning on investing in a new property.
Budget
It goes without saying that you have to priorities 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 way and do not underestimate the hidden charges.
Location
Your surroundings are going to define the quality of your life or the possibility of business blooming or dooming if you are investing in a commercial property. Do your background research and analyses the pros and cons of committing yourself to a particular property.
Lifestyle
Though it might be time-consuming, the effort is certainly worth it. Do figure out if the place resonates with your personality. If you are an extrovert, you should join some social clubs in your area. If you prefer peace, you have to see if the area is too noisy for you.
Transportation and connectivity
Whether you are a working professional or a businessman, you have to move around the city once in a while Do ensure that the property you decide to buy is well connected to the other parts of the city and that it has a convenient mode of public transportation too.
Legal Dimensions
Do read all the property related documents properly. It is best to steer clear of such dubious investments if a property is being litigated or has compliance problems.
Basic Infrastructure
We all deserve a healthy and safe environment and equal access to natural resources. Check to see if the area\’s power and water supplies are trouble-free. It would be a good idea to also check the air quality in your surroundings, as many diseases these days are air-borne.
Social Infrastructure
If you intend to live in the property you are thinking about buying, you should find out if there are any reputable administrative offices, schools, colleges, or other facilities nearby, hospitals, parks, banks, and playgrounds all around us. Nobody wants to travel miles for these fundamental requirements, so it is a good idea to check all the aspects too.
Construction Quality
Don’t be too enamored by the exterior quality of the properties but also get them tested once by a professional structural engineer or architect. A well-built property may readily withstand unforeseen natural or man-made tragedies, making it a crucial consideration.
The resale value
For the pure delight of exploring, you might not always want to stay in one place for a long period. Do check if the property you are investing in has a consolidated brand value or not.
RERA Registration
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.
Conclusion
Do not rush into purchasing a property because, for the majority of individuals, it is a once-in-a-lifetime decision and investment. Instead, think about all the practical elements involved when it comes to investing in real estate. A leap of faith Do you receive the exclusive discounts intended just for you?
