Tips for a Dream Home

Are you getting the best bang for your buck when it comes to your property buying? Other than obvious factors like location,  reputation of the Developer, here are some factors you need to take into consideration when prospecting;

 1.Resale, Ready to move in or Under construction?

You may need to choose between resale or ready to move in building or under construction property. Ready to move in properties tends to be costlier, while resale properties might be affected by legacy issues, like “B” khatha, obsolete facilities like insufficient STP capacity etc.   However, in both these cases at least you know what you are paying for.

If it’s under construction then you will probably paying EMI as well as rentals till the project is completed. If the project is delayed, this could be serious double burden for you.  Further, you may not what all the developer will deliver till you get the actual possession. Some of the amenities and facilities might be delayed indefinitely.

However, under construction properties come with many state of the art facilities and amenities, that is  on the plus side.

 2.Construction Quality

Whether it is resale of new, how good   your property will be 5 or 10 years from now?

This you can   easily check out developers reputation through public domain sources like newspapers, periodicals as well home finance institutions.  You can also surf through online forums on social media communities But beware, some of the online forum comments might by biased  by “reputation management” specialists.

One more suggestion is to visit the Developer’s previous projects and have a chat with the residents.  You would be surprised how eager some of the owners are ready share their point of view.

Ask for the residents’ point of view – A very good way to know the inside

If it is a resale property, meeting with the residents and association will also give you a chance to check out your future neighbors. You can decide whether you will enjoy  living amidst them.

If the Developer’s previous projects have RWA, make it a point to meet with them and checkout how he has  treated the buyers after the handover; does he continue to engage and be helpful or have a don’t care attitude?

 3.Is the Construction as per the sanctioned plan?

In Namma Bengaluru, many Developers tend to build  more than what they have permission to. This can lead to serious problems later on, even resulting to extent of you loosing your property. So you need to compare the actual building plan with that of the Sanctioned Plan, and ensure that your area of the property is strictly according to the plan.

Further, many apartment blocks or gated communities  have rules on security, garbage disposal, entry of visitors, and the usage of common facilities like clubs or parks. Check what are the exact rules and see whether you and your family is comfortable with them

 4.Association and Maintenance:

If it is a resale property, make it a point to meet with Association members.   How active and cohesive is the Association? If there are factions or divisions within the Association, it is likely that the maintenance will be the first casualty.

Further, ascertain who would be responsible for maintenance in the long term and what are the likely maintenance  cost.  Is there a sinking fund or a corpus?  Would that be enough to cover escalating   maintenance costs few years from now?

If not properly researched this could be unforeseen cash outflow; further,  the quality of maintenance will also impact your resale value in the future.

 5.Parking space:

You may not own a car now but you may buy one or two in the future. Check whether  you will get adequate parking space in  future, when you need it.

I hope you found the above tips informative and useful. Please let me know in the comments below if you have any questions.

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