These 5 Things Could Make You Regret Your Property Purchase Later
No property that you buy is perfect. Every homebuyer comes across one discrepancy or the other in the property that takes away the tag of a 'dream home' from it. And, such discrepancies generally come to the buyer's notice only once he has made the purchase.
If you are on your journey of home-buying, here are five things you should check before you make a decision and keep yourself away from the regret:
Neighbourhood at different times of the day
When making a property visit during the day, you found that the neighbourhood was peaceful. But, that could be because the neighbours were out working. If you want to see what really the neighbourhood is like, take a stroll in the neigbhourhood during the evenings and late night. This is when you will see the kind of people living in the neighbourhood and also, know how safe it is to be here.
Traffic and chaos
A single property visit can never tell you the kind of traffic woes you might witness when moving into your dream home. While the roads are well-constructed, the commuters are disciplined, it is important that you check the connectivity during peak hours, to really know how to smooth things. Make a trip to your workplace from the property or vice versa during peak hours to understand this. Get a hands-on experience, or there might be a chance that you end up living with daily traffic woes.
Can I rent the property?
Suppose, your property can be converted into a vacation home or you plan to set up a homestay, there are some prerequisites that you need to follow. What if the authorities do not allow such commercial setup in that locality? In such a scenario, a business plan of yours can backfire.
Did you think about the resale value?
You do buy your home to live there for a long period, but what if soon after your purchase, you find a better property that you want? You plan to sell this one. But, there could be chances that the property might not fetch the resale value you are looking for. Why? The potential buyers' parameters of selecting a property might be different from yours. For instance, you wanted a busy road nearby for connectivity, the buyer wants a peaceful neighbourhood. Too many choices among the buyers can be a deterrent.
Cannot make valuable changes to property
After you bought the property, you thought of giving it a makeover or make it much safer than it actually was. But, what if you are restricted to make these changes. In today's time, when people are opting for automated systems, you planned on giving your home one such system, too. But, what if before you install this new age system, the wiring in the property needs to be changed completely, or there are any structural changes? An automation system would end up costing you more than it should. Even worse, imagine if the saleable points of a property say floor plan, balcony expansion, a garden or others can't be changed. This brings down the value of the property.