A check­list for buy­ing a house

Keep an eye out for struc­tural con­di­tion of the prop­erty and whether al­ter­ations made have been ap­proved

HT Estates - - Front Page - Sachin Sand­hir

Know­ing the right ques­tions to ask and if per­mis­si­ble en­gag­ing ex­pert ad­vice can def­i­nitely help you make a sound in­vest­ment for your fu­ture — whether one is buy­ing a home to live in with fam­ily or for in­vest­ment pur­poses. It is crit­i­cal to un­der­stand that the de­ci­sion to buy any prop­erty re­quires a long-term fi­nan­cial com­mit­ment. The ‘ur­gency’ fac­tor of mov­ing into one's home will largely de­pend on one's dis­pos­able in­come and the de­ci­sion to in­vest ei­ther in an un­der-con­struc­tion or re­sale prop­erty. How­ever, prior to mak­ing any such de­ci­sion, it is al­ways wise for the buyer to con­sider the as­so­ci­ated risks that are in­volved in buy­ing prop­erty and eval­u­ate the same, be­fore mak­ing a fi­nan­cial com­mit­ment.

For all prop­er­ties, re­gard­less of age and de­sign, ba­sic checks should in­clude the struc­tural con­di­tion of the prop­erty; elec­tri­cal wiring; plumb­ing; in­su­la­tion; al­ter­ations which have been made to the orig­i­nal floor plan and if the same have been ap­proved and as­sessed by the lo­cal de­vel­op­ment author­ity. It is also ad­vis­able to con­sider what the im­me­di­ate and fu­ture main­te­nance re­quire-

ments of a house might be.

Out­side the prop­erty

Does the build­ing look struc­turally sound? Are there enough open spa­ces and com­mon ar­eas? Has the project been ap­proved by the gov­ern­ment and other req­ui­site au­thor­i­ties Is there scope for fur­ther im­prove­ment/ex­pan­sion of the prop­erty

Inside the prop­erty

What is the con­di­tion of the house — look for signs of seep­age, struc­tural dam­age Is the size of the house in ac­cor­dance with your im­me­di­ate and fu­ture re­quire­ments Is the floor­ing in­tact and level Nat­u­ral light and ven­ti­la­tion Do the doors and win­dows op­er­ate prop­erly Check for the safety of elec­tri­cal fit­ments and plumb­ing

THINKSTOCK

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.