Make 10 checks before investing in affordable home Investing in the property of your choice is not just based on a single decision. It is an amalgamation of various factors which play an essential role in your hunt for the perfect haven. Family aspirations, personal motivations, financial limitations and prevalent policy and real estate norms - all these impact your decision in one way or the other. Choosing the right property is extremely important and to help make this decision easier for you, here are some pointers that you need to bear in mind before you make up your mind to invest in property. Transparency and accountability of the developer The state of a listed company is more visible to the buyer and it can help in taking a comprehensive investment decision. A listed firm provides higher transparency and accountability as its activities directly impact its share prices. Aspects, such as financial leverage, delivery versus commitment, internal and external focus, etc should be carefully studied. Location of the project Location of a project is very important. The real estate development in the surrounding areas and the connectivity of the project to important centers in the city like schools, hospitals, bus and rail services, and shopping complexes are something buyers should look at first before planning to invest Amenities Evaluate various aspects of the project like the master planning and amenities provided. These days developers are getting international expertise to master plan their projects so consumers can get a feel of it by going through the same. Many projects focus on sports and health based benefits. Features like golf based themes, sports complex, health clubs, tennis courts and swimming pools are incorporated by many developers for the well-being of consumers. Important features like 24/7 power back-up, security back-up, shopping arcade and entertainment centers are points that should be a part of your check-list. Safety and security The lack of infrastructure also means that street lights, police stations, fire stations and general security in such areas will not be comparable with the more densely-populated city areas. It also makes more sense to finalise a project in an area with high occupancy in the nearby projects Understand your time horizon As a short-term buyer, you might consider whether the place is a good investment and if it’s the kind of property that’s going to be attractive for the next buyer. A house near train tracks, for instance, is probably not what most people are looking for. But for someone who’s planning to stay long, a good school system or larger plot size might make up for the trains thundering past. Legal checks Taking keen interest in knowing the legal background of the developer will help the buyer to ensure that the developer has not been in any legal hassles. Tech-savvy developer With technology leading the way everywhere, a consumer is sure to enjoy more benefits if he chooses a tech savvy developer who is always implementing the latest technology in not just construction but also in the various amenities provided to the consumer. The final investment decision of the customer should ideally be a combination of credibility of the company, assessment of the project fundamentals and his understanding of the market situation. Appearances may dupe Buyers should keep in mind that many sellers try to present their homes in the best possible light. If the house has been staged, what potential buyers forget is that all that stuff is going out when the sellers leave. Sometimes you’re better off buying something that needs a little decorating, because it’s going to take on your own look. Regulatory approvals are in place Make sure the title to the land, of the project and all the regulatory approvals are in place. This needs to be done irrespective of the nature, size and reputation of the developer. The buyer should insist on verifying all documents pertaining to land title, approvals of building plans and commencement of construction. It is always a good idea for a group of buyers to get together and hire professional legal expertise to get the due-diligence done. Past record in executing affordable projects Building affordable projects requires specific skill-sets, like the ability to have quick execution timelines. In a bid to deliver the project on time, some progressive developers have started using technologies such as pre-fabricated materials and aluminum wooden jump from work (MIVANDOKA). A key characteristic of affordable projects is that they usually have standardised flats and these technologies help cut down construction timelines.
Posted on: Tue, 13 Jan 2015 04:38:29 +0000
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