Buying a Home? 5 Things That Make Your New Apartment Livable
You own a very good apartment in India and it might be in a very good location which is appreciating in value very fast. There is yet another factor that is very crucial before buying a home in a residential project in India. Is it livable?
How do you know before you buy a property that is going to be livable in the next three-four years, before you get possession? This is especially important for properties that are coming up in new locations.
A new apartment in a location is livable after it becomes occupied to a certain level. Calculate how many years it might take for an area to get optimum population. That might define the livability of an area. Also, make sure that your residential apartment does not take too much time to become livable. If that is the case, it might affect the appreciation of the value of your residential property as well.
Consider these points that will give you the right answers. While they might sound trivial, some of them can actually drive up your living costs, increase your travel time and cause a lot of stress. Each person might have his or her own definition of what makes a place livable.
Here are a few things to find out if all your needs are fulfilled and if the new place is safe:
Groceries: Ensure that one of the many retail chains has a store in and around your building. Make sure you have regular milk and bread supply as well. If you are traveling more than five kilometers to buy daily groceries, then it eats into your living standards. It also adds to the cost of living. There have been instances in some cities where the lone supplier of groceries near a building commanded 20-30% premium for his goods. He made a killing before the area became livable. Ensure you do not fall prey to such swindling.
Schools: If you have young children, living very far from schools might give your unnecessary stress and discomfort to you and your family. Make sure that the area has good schools nearby or a good school has a bus service. It is not just the school which matters, the area should also have enough tutors and summer camp facilities to keep children engaged.
Hospitals: Emergency response in India is still poor, and having a hospital close by always helps. Make sure there are at least a few clinics near your new apartment which will help you take care of non-emergency health needs as well. If you have to travel a long distance to simply visit a general practitioner, it might not be a great location to stay.
Water and electricity: If the apartment you are living falls outside the metropolitan area then you might not get regular water supply and also experience power cuts. If this is the case, make sure that your builder has made alternate arrangements like digging a borewell and has enough electricity generators in place.
Safety: If it is a comparatively unoccupied area, make sure the place is not a crime-prone area. If only a few people live in a new building, it becomes an easy target for criminals.
(The writer has spent the past nine years reporting on many sectors, including energy, infrastructure, technology and telecommunications)