Popular Posts

Tuesday 28 October 2014

Factors To Consider While Buying Property

Buying property can be very difficult if you don’t adequately research into the factors governing it. The prime factors to consider while buying property are the neighbourhood, type of property, cost of property and possibility of future appreciation. The location of the property plays a vital role in deciding whether to purchase a property or not.


Factors considered while buying a property:

1.)    Location or connectivity
2.)    Infrastructure
3.)    Face value
4.)    Reliability of the developer
5.)    Safety

With most cities expanding to the nearby suburbs, it is important that you assess the connectivity to different areas. Not only should a neighbourhood be connected to other residential areas, but also, to the business centre of the city. Most cities in India are seeing a growth in connectivity via the improved state of Metro connections.

For instance, the connectivity between Ghatkopar and Versova has been improved manifold with the inauguration of the Metro railway in Mumbai.

Areas which are connected to the central business district and commercial hubs of the city at minimum drive time should be preferred by home seekers.

To live a comfortable life, certain amenities need to be available at the disposal of the resident. Proper roads, street light, sewerage and drainage, garbage disposal and electricity are some of the civic infrastructures that have to be in place in a neighborhood for its property market to take off.

Social infrastructure is equally important to make a neighborhood habitable. Home seekers prefer to buy flats and houses in those areas which have good schools, banks, ATMs, hospitals, shopping centres and health care facilities within walking distance. Every city has these areas where people prefer living in because of the ease of life offered by them.

Mumbai property buying factors
A lot of buyers simply prefer purchasing properties in certain areas because it is in vogue to own properties there. For example, Golf Course Road and Golf Course Extension Road have senior VPs of companies and entrepreneurs living in plush apartments because it is the current trend in NCR. A lot of old families living in Mumbai prefer staying in their 1BHK apartment in Prabhadevi or Worli, because of the brand value of the place. The status associated with living in a neighborhood ften attracts home seekers, albeit for the wrong reasons.

Most people invest in real estate because of the prospects for future growth. If you are looking to buy property for the purpose of investment, then choose an area which has rapidly grown infrastructure and commercial centres as it would lead to a faster appreciation of prices in the real estate market.

No comments:

Post a Comment