The real estate segment in India is one of the fastest growing sectors. There is room for every buyer today, which may not have been the case in the past. With increased purchasing power today, almost every family aspires to buy another property in addition to the existing property they own. You have budget apartments, gated community projects, and villas, which are elite housing projects. The word villa conjures up an upscale lifestyle, replete with state-of-art facilities, and adds that touch of class. Even within that range, customers have a choice of buying either regular villas or
Points to Consider Before Buying a Villa
There are a number of points to consider before you decide to make a splash buying a villa property.
Homework: First things first. Do your homework. You cannot make an informed decision unless you do thorough research about upcoming projects, who the builders are, the cost of the villa and other basic information that helps you drill-down into villa projects that are of interest to you and your family. Most often, you are more likely to check with friends and your network contacts for references. References offer greater credibility and first-hand information about a lot of common questions.
Villa Location: There are villa projects and furnished villas available for sale everywhere. That does not mean that you can buy any property. Look into the kind of location where the property is built, what infrastructure it offers or has the potential to develop in the future. Understand the scope for a good standard of living with proper ventilation and sanitation facilities that you and your family will require at a minimum.
Builder’s Credibility: Now, with real estate projects dime a dozen in the market, and a lot of issues between customers and builders, it is absolutely crucial to verify the builder’s background. There are a lot of players in the market to make quick bucks without any knowledge about construction work or real estate projects. They outsource it to a team which is responsible for delivering the project from inception to delivery.
Carry out a complete check on the number of projects completed by the builder, including customer feedback and locations where the projects are available. Even better, and if possible, visit the premises and inspect live projects. Most importantly, ensure that the builder is not involved in litigation or legal problems with their real-estate projects.
Expert Consultation: It doesn’t hurt to get a third opinion when you are investing in a high-net worth property. Speak to an expert in the business, who understands the real estate sector and can guide you towards a sound investment decision.
Investing in Future Growth: Take a good look at how the surrounding environment is likely to develop in the future. Developmental projects increase property value. So tomorrow, for unforeseen reasons, if you have to sell your property, you will at least realize a good return for your investment.