With more and more lucrative projects launched by renowned builders, they are also coming up with enticing offers and schemes to push up sales and enhance their customer-base. But while buying a house, one must diligently inspect the various aspects of a property or apartment which a buyer is looking for and is ready to invest in. Following are the 4 aspects that every prospective buyer must inspect while buying a property:
1. Location: This is one of the most important aspect of the apartment. With whooping prices in metros, the prices for properties are quite affordable in the sub urban areas and adjoining areas. But only those areas that have significant infrastructural projects and better connectivity with metros experience a good price appreciation. So, one must be cautious while investing in any such project and interrogate enough about the proposed infrastructural developments and if the same will take place before or at the time of completion of invested project or not.
2. Details of the Project: While the builders involved in the project play a significant role in accessing the credibility of the project, other factors, too, play significant role in assessing the worth of a project. Such as –
• Construction Quality, Foundation, and Interior Quality
• Basic amenities including, parking area, lift, power backup, water supply etc.
• Socializing facilities including club house etc.
• Fitness facilities including gymnasium, sports ground etc.
3. Negotiation: Current trend depicts that the real estate is buyers’ market. Buyers have full potential to negotiate in view of more supply of residential properties than required. Hence the prospective buyer must not let any stone unturned to buy the property at best prices. Tactics like digging up the flaws in property and staying calm while visiting the site can work out well during negotiations. Cross check the prices with the neighbour residents to get an acute worth of the prospective property. Investing in property is really that simple.
4. Delayed Project: A very important aspect of a property. A thorough check is a requisite for developer’s credential and reputation before going ahead with deal finalization. Their past projects can be accessed for and, if required, don’t hesitate to contact their previous or present clients to know the credibility of the developer. In case of extended delay by the developer, legal course of action can be initiated under Consumer Protection Act. Some developers also provide a provision of interest payment with penalty clause in case of delay after a specific period of time. This delay could be due to any reason like delay in approvals, financial constraints, public litigation filled in case of violation of any act by the project, inflows generated from one project diverted to other projects by developer etc.
These few cautions will help you investing in a property which doesn’t attract much hassle.