Compare Properties On These Parameters Before Buying
Real estate assets are very different from other assets that we own. This is because other assets have certain properties from where we can assess their value. For example, a mobile phone has certain properties and often costs pretty much the same in every part of India. But, a house and mass of land with same properties will cost incomparably more in the Bandra-Kurla Complex than it would in a tiny village in a small town. This is because much of the value of a property has to do with the amenities in the locality in which the property exists. But, there are many parameters according to which you can compare properties to assess their value. This is especially important when two properties have values that are close to each other. You will be able to decide which to choose only by comparing these properties against important parameters one by one.
Which are the parameters?
- Access to amenities is perhaps the most important parameter that influences the future value of your property. Compare amenities one by one, including proximity to transportation networks, schools, hospitals and offices. Also, check if your apartment complex has amenities such as parking space and playground.
- Some properties can be easily renovated, increasing space and turning otherwise useless areas into a valuable space. At times, you can sharply raise the value of the property by spending a reasonable amount of money. The layout of the property is an important parameter here.
- Proximity with like-minded people is too important a factor to be left to chance. Even if everything else is good, if the right people do not live in your neighborhood, you probably will not enjoy living there.
- The quality of construction is a very important parameter, too. The quality of the building material used, the quality of the paint, the fittings, wood and everything that is used in construction matter.
- Is the seller open to negotiation? Many home buyers do not take this into account because they assume that the price of the property is final and not subject to change. But some sellers will be quite open to negotiation, while some are not willing to lower the price. This is an often neglected but a very important parameter according to which you should chose property.