Common regrets of new home owners
Hidden costs, poor quality construction and legal issues are some common grouses that are faced by most homebuyers
How satisfied are you with the property you’ve bought? There are both satisfied and unsatisfied home owners at large. Sometimes, a purchase is made without proper planning and thought – the result is regret.
If we poll any given group of unhappy property buyers, a remarkably consistent list of complaints emerges. After eliminating repetitions, it appears that buyers often wish they had known these pitfalls beforehand:
These are some common grouses.
The flat was too costly: Often, a residence’s cost-price makes more sense before the purchase than after. The problem with impulse buying is that we only see what we want to see. It is easy to overlook some obvious facts while giving in to impulse temptation – the flat may not be large enough, may not have proper ventilation, may be in an unsuitable neighbourhood, etc.
These faults can sometimes come to light only when we have time to think about it, and when it is too late.You may also discover that, even though your flat is adequate, it is overpriced in comparison to other flats available in the neighbourhood. In retrospect, it is not uncommon to decide that one has paid too much for the property.
The construction is of poor quality: This is a fact that can only be discovered in slow suc- cession. On closer inspection, one may find that the floor is warped, that the rooms have uneven surfaces and asymmetric angles, that the walls do not retain nails and screws without crumbling, that the flat makes strange noises at night, that the roof leaks and that the septic system is makeshift.
The builder has a bad reputation: If this is true in your case, you have much to worry about. The common mistake of not checking a builder’s standing on the real estate market can result in future litigation, poor or totally absent maintenance and breach of purchase contract.
There are hidden costs: Sure, the swimming pool and clubhouse were deciding factors in buying the flat – but apparently nobody told you that you will have to contribute to their maintenance. Or that this property’s society charges outrageous membership fees.
The flat is not ‘vaastu’ compliant: If you are a believer in India’s version of feng shui – vaastu shaastra – then finding out that your new flat breaks all the rules of an auspicious home will definitely upset you.
The project is in le gal trouble: This can mean a lot of things – you may end up without the promised parking space, the advertised lift may never be installed, you may have to pay taxes or litigation charges accumulated by the previous owner, or may be forced to vacate the property because the whole project is eventually declared illegal.
The area is short of water: It did not seem like you would have a problem with water – after all, the project features a borewell.
What many of us do not anticipate is the natural reservoir it feeds from can run dry. If you haven’t established the availability of municipal water supply, you will definitely be in trouble – especially when you try to resell the property.
You have t ur ned i nto Robinson Crusoe (no public transportation): Do you remem- ber the famous story of the man who was stranded on an island? That’s what it feels like when you find out that your beautiful new home is cut off from the rest of the world.
It is not enough to own a private vehicle - these can break down, and may not cover your entire family’s transportation needs.
The lift is a death- trap: The most unfortunate time to discover that the project’s lift does not have generator backup is during a power cut – while you are in it.
You are situated on the banks of a garbage canal: Don’t expect to smell an open ‘nalla’ at the time of inspection or purchase of the flat – the aroma will only be evident at certain hours of the day.
Your new home has an ongoing fire hazard: Too late, you notice that there are no fire extinguishers to be seen anywhere on the property. It is best when all of these things are discovered before buying the unit.