What Do People Look For When Buying an Apartment?
While property investments are one of the most sought after investment opportunities in India, it is by no means an easy task.
Buying an apartment in India is a complex process, especially with so many options everywhere around us. There are hundreds of projects being launched every month, and while growth in the tier-1 and tier-2 cities is gradual, the metropolitans and the suburbs around them have witnessed developers leaving home buyers confused with limitless choices. Also, considering the risk factor due to high investments involved and the lack of a regulatory authority, it is very important to carefully study your choice of investment to the finest details before putting your money into it.
Here, we bring to you some of the most important points to consider while buying an apartment. This will not only help you make a secure property transaction, but will also enable you to gain the best value out your property investment.
Location: This is the most important thing to consider while buying an apartment. Ensure that all the places that you frequent (workplace, market, recreational areas etc.) are within easy reach. And in case you are planning to buy a home that is away from the hubbub of the city, check that it has easy access to all important points of interest around you. For those who may want to sell/rent their property, it is important to know that apartments bought in prime locations witness better price appreciation as compared to those located in far-off areas.
Type of apartment: Living space requirements vary among homebuyers, so it is important to know what type and layout of apartment will best suit your residential needs. While a large family would find a 3 or 4 BHK apartment more useful, a 1 or 2 BHK apartment would be ideal for a couple or someone living alone. Also, floor plans of apartments are also subject to personal preference, and these must be carefully studied.
Amenities: Before investing in a property, ensure that it has all basic necessities that you would need. For example, power backup is an important thing to consider if living in an area which has frequent power cuts, and a children’s playground and an elder’s park may be an added advantage for those who have a big family with kids as well as elders.
Legal/Government Approvals: In order to ensure that you’re putting your money in safe hands, carefully review all paperwork before taking an investment decision. Ensure that the builder has all necessary approvals from banks and governing authorities. This may be a tedious process, but considering the safety of your hard earned money, it is totally worth it.
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