Real estate has always been an aspirational asset class. Whether we buy a property with the idea of investment, security or utility, a careful thought and due consideration must be given to all aspects before the purchase. It is a popular option amongst people today but it is often seen that people make blunders while investing in real estate. Some of the common mistakes are highlighted below:
Builder Credentials
When buying a residential or commercial property, choosing a reputed developer is vital. Reputed builders ensure quality construction, best amenities and adequate facilities. They understand buyer sentiments and hence design buildings suited to the dynamic needs of the buyers. Moreover, the biggest benefit of buying from a reputed builder is on time delivery. Managing timelines in real estate is crucial and builders who are conscious of their reputation will never go back on their commitments of delivery, possession, documentation and quality.
Selecting the right location
Price must not be the only consideration when it comes to real estate purchase. We often get lured by lower prices but overlook the location of the property. If a property is purchased for the purpose of utility, it must be located in an area that offers basic facilities of daily life, absence of which might create major hassles in life. Even in case of commercial property, the location must be accessible and public transport must be easily available.
Facilities to look for
Today when we buy a property, we do not just see the four walls, we look for additional facilities. With a fast moving life, recreation and relaxation is a must and we all look for that in the comfort of our own house. It is essential to check the amenities being offered by the builder. They must serve the needs of all members of the family. We buy properties with a view to use them for a long term, so it is essential that the facilities provided must take care of all our needs. Parking should be one of the major consideration. While buying a property, we must always look into the future and buy additional parking now than spending a huge amount on the same later.
Adequate research
Incomplete research while buying a property can lead to bad decision making. While the location of the property is important, there are other factors also that might be ignored by buyers at times. It is important to ensure the immediate surroundings of the building. Health and hygiene must not be compromised in case the property is located in an area near to dump yards. Also, we should check if there are chances of air, water or noise pollution in the vicinity. The area we choose must inhabited appropriately and safe.
Hasty decisions
Buying real estate is always an emotional decision. We tend to get attached to the property the moment we see it and start dreaming of owning it. While we are in the research phase, it is essential that we keep our minds open and also free of biases and filters. These might cloud our decision making. All factors must be carefully considered which includes – adequate research on location, facilities, choice of builder, paperwork and documentation.
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