Planning to buy a luxury apartment? Don’t do it without cross-checking these facts. If you’ve advanced so much in your professional life that you can afford the convenience of an expensive luxury apartment, make sure that you don’t make the buying decision in a hurry. Cross-check the following facts before you proceed with the deal:
Regardless of how lavishly a luxury apartment may be built, its location would play a key role in its purchase in the end. You’d need to consider factors like the time taken to reach workplace, school and even the downtown areas. It may make plenty of sense to do a recce of the locality to find out if there are any possible irritants like sound or air pollution. There’s no point investing crores into a property and then having to live with the constant honking of the vehicles all night long!
Is the paperwork ok?
A typical luxury apartment may cost you anywhere around Rs. 2 crore and upwards. Since it’d be a huge one-time investment, you’d need to ensure that all the paperwork is in order. The concerned property should have a clear title and free from any legal disputes. Check if the builder had procured the necessary permits from the concerned authorities. All in all, the property must be legally worth every penny you put into its purchase.
In general, most luxury apartment projects feature high maintenance charges, as plenty of money is needed for the day-to-day maintenance of outdoor amenities, electricity backup, security systems and other important facilities. So, if you’re buying a luxury apartment only as an investment, such steep maintenance charges may increase your monthly expenses significantly.
Carry out a comprehensive check on the construction quality of the apartment. Don’t hesitate contacting the builder if you need to and find out about the building materials used in the construction. You need to make sure that the quality of the apartment justifies the money you pay for it. Also check different facilities and amenities available both outside and inside the apartment. Avoid getting taken for a ride by the fancy fittings and frills. Doesn’t matter if the fittings look classy, they may not be of much use if they don’t function properly. Furthermore, complicated interiors may also mean more expenditure on the general upkeep of the apartment.
If you’re buying the apartment solely for investment purposes, you’d need to make all necessary calculations to ensure that it appreciates in value in the next few years. The builder’s market reputation, proximity to essential services, land value, infrastructure etc. are some critical factors you’d need to take into account.
In addition, carry out a comprehensive analysis of the expected development in the concerned area and city. The apartment may deliver exceptional returns in the future if there’s metro connectivity in the pipeline. Refer to the master plan of the area and check what sort of infrastructural advancements are expected in the near future.
Timing your investment may also play a key role in maximizing your returns. Buying the right property at the right time can make you lots of money!