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How To Select Property?

tips on how to choose property to invest

Apnaloan.com Research Bureau

10 Aug 2007

The first step towards buying a property starts from being able to identify the one that suits your needs.

With a large number of builders competing with each other to get your attention (and you money, too), there is a wide range of choice available. However, it is important to select the property depending on:


Location Of Site - While choosing the location, you need to keep the following parameters in mind (Fill the table below and assign 1-5 values to the parameters for each flat you see in an area. A comparative table like this will help you to short list the flat).


Affordability - Does the location fit your budget?


Place of work - How far is the office from the desired location?


Market place - Where is the nearest market?


School - Where is the nearest school?


Public transport - Are buses/trains easily available from the location?


Builder - Does the builder have a good reputation in the market?


Availability of water and electricity - Is there a steady supply of both?


Residential/ commercial - Commercial areas face traffic jams during working hours and level of noise is rather high


Hospital/ Medical services - Are they available easily?


Society expenses - Is the monthly outgo on the society and maintenance a strain on your budget?


Security - Are the security systems in place, like a professional guard or electronic systems?


Parking - If you own a vehicle, you will need space to park it.


Type of ownership - In some areas, property is available only on a power of attorney or "pugree" basis. Getting funding for such properties is a problem.

Parameters Flat 1 Flat 2 Flat 3 Flat 4 Flat 5
Affordability




Place of Work




Market Place




School




Public Tranport




Builder




Availability of water and electricity




Residentail/commercial




Hospital/Medical Services




Society Expenses





Self constructed property (SCP) - SCP is a situation where you buy a plot of land and construct a house there. All banks may not fund such projects.


Under construction property at an early stage - Many banks may not prefer to fund such projects. But if the builder is well reputed then it should not be a problem.

In case of a ready / resale property, you need to bear the following additional points in mind while selecting a property


Chain of title - It is important to have all the proper registered documents from the proposed seller that declares his ownership. These documents are important for you to garner a loan from the bank.


Maintenance - Check the internal as well as the external condition of the building.


Water leakages - A flat with water leakages should be strict no no as it adversely impacts the overall condition of the building.


Condition of the flat - Is the paint peeling off or concrete crumbling?


Neighbours - Grumpy neighbours can make life very unpleasant.


Society transfer charges - If they are too high then you need to factor that in your budget.

It is virtually impossible to select a property that meets all of the above-mentioned parameters completely to your satisfaction. It is, therefore, necessary to prioritise the above parameters and select a property on a trade - off that is acceptable to you.


Stage of construction - To decide on whether you need to go in for a property that is ready or under construction, you will need to keep the following factors in mind


Urgency - If you are staying in a rented property where the rentals are exorbitant and if you feel the need to shift immediately, you should opt for a ready property.


Discounts - If you are not in urgent need to buy a property, you could buy the property from a reputed builder on a cash down payment option and get a substantial discount on the cost of the flat.


Modifications - It is always easier to get a flat modified to suit your tastes/requirements at the time of construction than doing up a ready flat.