Bangalore is a potential
property destination for investors and home buyers alike. This makes buying property
in Bangalore a ‘dream come true’ for many. People do everything in their
ability to buy property in this city. If the property is in a premium location,
then the value of the property and the desire to own it also increases.
Buying an apartment in
a city like Bangalore requires meticulous planning.
Finding the perfect apartment – for investment or living – can be challenging. So,
as an aspiring home owner it is important for you to thoroughly prepare to face
this challenge and find the right apartment for you. After all, this could even
be the decision that might take up your life savings.
Here are 10 essential
points one must consider while buying a home in Bangalore or anywhere in
general.
1. Location
The location of a
property is very important. You must consider premium locations while buying aflat or an apartment, even if the property you buy is quite old. Experts say, considering
only the age of an apartment is not always the best idea. Instead, checking its
location and the neighborhood around can be a great way to go about home
hunting. This gives you a good idea about the safety as well as the resale
value of the apartment that you plan to buy.
2. Accessibility
Whether you are buying
a plot in a gated community or in a common locality, the location plays a vital
role in analyzing how your property will sell in the future. Furthermore, if your
apartment is close to the main road, then the commute noise can be a real
nuisance for you. On the contrary, in case you chose an apartment in the city’s
interior localities, then the travel expense can be more expensive than you
would otherwise incur. So, carefully decide where your plot should be - near your
workplace, your children’s schools, healthcare centres, etc.
3. Proximity to the Best Educational
Institutions
It is a known fact that
most of the old educational institutes of repute are in prime locations where
the property is saturated. However, many new international schools of repute
are coming up, which are good as well as conveniently located. Finding apartments
that are near these institutions help you resell your property easily, even if
your own kids have grown up and don’t go to school.
4. Safety and Security
An extremely important
factor you need to consider is the safety and security in the area where you
plan to buy your flat. If it is in close proximity to premium locations, then you
can rest assured that the area is safe. However, it is always good to do your
research to stay away from the areas where the safety and security is low because
the chances of getting a good resale value for your property in such areas will
be very less.
5. Facilities in the Neighborhood
The price of a property
shoots high if it has hospitals, educational institutions, recreation centres,
and offices in its vicinity. If you buy your flat that is in close vicinity to these
facilities, which you access on a daily basis, then the resale value of your
property will also automatically shoot up. However, if you haven’t exactly
chosen a prime location where the places you visit on a daily basis are not within
a short distance, then you will end up spending a lot on commuting.
6. Evaluate the Apartment’s Interior Fixtures
Many realtors play a
prank and don’t actually provide quality fixtures like electricity boards,
plumbing gears, etc. They just include some luxury decorations to make the
property look plush and nice from the outside. Quality interior fixtures are important
and should be made of the best quality materials. Else, you will end up with
more expenses than what you can manage at the time.
7. Talk to People around and Analyze their
Community Experience
The kind of community
you are going to live in is very important than just buying a property that
looks good. You and your family will always want to mingle with the people
around and be an active part of the community. In case the community does not
match up to your lifestyle, you would feel socially deprived.
8. The Size of the Home You Need
There are 1 BHK, 2 BHKand 3 BHK apartments that are usually up for sale. You should know your budget
and your needs before freezing on either one of these types. Being extremely
meticulous in understanding what your requirements are and what you can afford
is extremely important. Realtors can be persuading and their pep-talks can make
you buy something that does not cater to your needs or fit your budget.
9. Checking for Loan Approvals and Down
Payment Options
Knowing the kind of
banks attached to the property you are buying is very important. In case you wish
to buy a property, please ensure that the banks providing loans come under government,
such as State Bank of India or Life Insurance Commission. However, if international
banks are involved, then make sure you understand their interest rates well before
applying for the loan.
10. Light and Ventilation
It is very important to
buy an apartment that is well lit and well ventilated. Natural light and cross
ventilation are two important factors that aspiring home owners like you should
consider. For this reason you should go and inspect the property during the
day. Sunlight and air circulation is very important for you to stay healthy.