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Things to ask before buying your home
Moneycontrol.com | March 15, 2007 16:07 IST
Avoid mistakes most people make while buying a home, says Surendra Hiranandani, MD and founder, Hiranandani Group of Companies.
1. How big a house do I need?
See what needs are met. Discuss with other family members on what makes them comfortable and serves your needs best. If buying your first home, keep your future needs in mind. Ex: if you start or expand your family tomorrow. Keep a budget in mind. Draw up a vision of your home.
2. Where do I choose my new abode?
The norm is to have a residence not too far away from your workplace. Rates vary between various areas of the Mumbai Metropolitan Region, with some areas commanding around Rs 20,000 per sq ft and some others at Rs 1,000 per sq ft.
Suburbs like Thane, Powai, Ghatkopar, Mulund, Malad and Kandivali are fast transforming into attractive destinations. Mix-user townships, with commercial and residential facilities are ideal for families.
3. Does it live up to my lifestyle requirements?
Flooring, tiling, fittings and fixtures, jacuzzis, lighting, French windows, swimming pools, gymnasiums, clubhouses, jogging tracks, etc, are a norm in quality projects.
Verify the quality of construction. Benchmark the new home with existing projects of the builder.
4. What about basic amenities?
Water and power supply, good roads, parking space, children's play area, doctors and clinics, basic shopping and public transport stations, must be up to the mark.
Security systems and safety of the complex and locality are very important. Check the maintenance of the complex: cleaning of roads, streets and drains, garbage disposal and organic waste composing, rodent and mosquito control.
5. How close are schools, colleges and transport systems?
Good living areas have good schools and hospitals in the vicinity. Transport system is of paramount importance.
6. How worthy is the investment in terms of resale value of property?
Homes with a pleasant view of the horizon often sell at a premium above similar homes without one. See the pace of development of the area. Study future trends estimated. Powai, Thane and Oshiwara, for example, have registered the maximum appreciation in capital values in the last five years.
7. How you can best utilise the available space?
Figure out possibilities with clever interior designing. Many homeowners are abandoning traditional room layouts in favour of designing specialty rooms or areas within the home.
Make a chart or table of comparison, giving remarks to each factor you have considered: area, price, amenities, value added features, etc.
Believe in your dreams. Keep your scanners sharp. Happy home hunting!