If you’re in the market for a new home or new office space, there are a few factors that you need to keep in mind before you purchase the space. This article deals with the various do’s and don’ts of purchasing new property, whether it be for residential or for commercial purposes.
When you’re looking at property, it is important to give the location of the property equal value. If you’re looking for commercial spaces, then financial institutions that you would need to visit and transact with frequently should be close by. Thus, it makes sense to look at new commercial projects coming up in Andheri East in Mumbai.
Security, public transport and utilities are other factors that you need to keep in mind as well. Research the crime history of the neighbourhood to see if there have been violent crimes committed there. If there are frequent occurrences of armed robbery and assault, then stay clear of those neighbourhoods, regardless of the financial sense they make.
Go through several options before you buy something. This is a well known fact and does not really need any expansion. Similar to how you test drive many cars before finally settling on your choice, visit many properties, revisit the ones you like till you are absolutely sure about them.
Sellers often hide certain negative aspects about their properties. This could be things such as roof leaks which are hidden under fresh coats of paint or faulty wiring which even the seller may not know about. Getting a professional plumber, electrician or even a friendly municipal home inspector to go over the premises can help you avoid buying a property which can result in more losses than joy.
Concentrate on Needs, Not Wants
Think in terms of what you, your family or your business needs rather than what you want. What you want can change from time to time so it’s prudent to discard that line of thought. When you’re looking for office space, for example, new commercial projects in Andheri East, which provide a stunning skyline for you to look at may appeal initially, but think about the scope that the space has to accommodate your company’s future growth. The same goes for homes. A two bed room apartment with a wonderful kitchen and a small terrace garden will probably work out fantastically for you and your partner, but how well will it work for you when you have children?
Never purchase a home for its furnishings and its interior decor. Instead, focus on how the space will adapt to your own individual lifestyle.
Concentrate on finding spaces that work for you and help make your daily routine more efficient.
Decor and furnishings can be changes as and when you wish. So if you see a house with an intelligently placed sofa set and a well modified extra bedroom, don’t buy the home for it. You can take inspiration from those ideas but you should never base your decisions on them.
Read Between The Lines
Not all of what the seller tells you may be true, there may be quite a few white lies and conveniently left out facts and details. Remember to think from a seller’s point of view when going through advertisements. A space which is labeled as warm and cozy may turn out to be too small.
Keeping these things in mind will help in streamlining the process of house hunting. People get sick of looking at a lot of properties which are not what they claim to be on paper but the fault only lies with the buyer. You need to sift through terms which are placed to garner attention for advertisements and realize what those terms actually mean.
Anderson Wills is a former real estate consultant who now writes articles and gives advice to first time buyers about the various things to keep in mind during the search for a new house or commercial space. Having worked extensively in Asia as well as Europe, Anderson is well versed with the workings and habits of the market and can provide sound advice regarding the financial viability of purchasing space in one of the new commercial projects in Andheri East or residential spaces in Virar. Contact him for further details.