Caution Buyers, Do Not Be Misled By These Terms

There are so many things to mind when you go home shopping. But, your first area of concern is to pick a perfect home for yourself. If that is achieved, consider the job half done. While you are browsing for properties, do not get carried away by everything that is mentioned in the literature used by developers to market their projects. Make sure their claims are real.

Location, location and location

All the brochures you have read have one thing in common — all the real estate projects are invariably strategically located. A majority of advertisements would tell you that the airport is only a 20-minute drive from there, and so is the railway station. In most cases, there is no mention of the kilometres. It is assumed that a personal vehicle, preferably a four-wheeler, will be used to cover the distance. It is also assumed that it would be a smooth ride without traffic jams while you go the distance in your car. Both these assumptions are ill-founded and far from reality. Not all members of a family might be using cars for commuting, and it may take hours for them to reach the railway station if they have to use the public transport. The time would only get longer if there are traffic jams, something not at all uncommon on city roads.

Developers also highlight the project's proximity to civic and social infrastructure. Make sure that this civic infrastructure actually exists and is not only on papers before investing in the project.

Also read: Beware Of Fraud Property Advertisements

The amenities and the facilities

An oft-repeated term in developers' marketing brochures is amenities. What is often projected as an additional facility when selling you the property is actually something a developer is obliged to provide in his project. For instance, mentioning “gated community” and "24x7 security services" as highlight points of a real estate projects does not make sense. By the very definition, an apartment project will be a gated community and will offer homebuyers uninterrupted security services.

Some projects are actually different from others and do offer you additional services. But, before you are swayed away by those services, here is a point for you to consider. There is a mention of a swimming pool and a gymnasium in the society. Based on which, units at this projects are priced slightly on the higher side when compared to similar projects in the neighbourhood. Will one swimming pool suffice for 300 families to indulge in swimming, even if each of these families choose just one day of the week and a particular hour of this day to do so? The same question arises about the gymnasium also. And, the answer in both cases is, probably not. Also, keep in mind the fact that irrespective of you using or not using these services, you will have to pay a monthly maintenance charge for these facilities.

Also read: 3 Things About Real Estate Law You Probably Do Not Know

The green practices

A lot of emphasis is laid on going green these days, and property markets are no exception. As a result, brochures boast of real estate projects being green and eco-friendly as their unique selling point. In reality, however, the project may not be as green as you though. As a buyer, you have to check what kind of green and eco-friendly features have been incorporated in the project. Are solar panels being used to generate electricity? Is there an in-house wastewater treatment plan? Is the building material used by the developer eco-friendly? Do the green claims of the developer have any backing and proof? It is only after satisfying yourself on these points that you should consider a project green and pay for it.