Friday, September 7, 2012

Key Considerations when buying a House

Whenever you buy a house, there are many factors to be considered... Listing below some of the key considerations
* Overall cost - including
i) Base Cost
ii) Cost for interiors / finishing. For e.g: Woodwork
iii) Property Registration
iv) Property Transfer - in case of a second buyer
v) Miscellaneous - Any cost which does not come in (i) to (iv) above
* Monthly Maintenance Cost - Cost to clean, maintain and get the house operational on a daily / weekly / monthly basis
* Daily Maintenance Efforts (based on Size, accumulation of Dust, etc)
* Proximity and availability of Day to Day Groceries
* Availability of domestic help for cooking and cleaning; & cost of such services
* Proximity to Medical Facilities / Care
* Social Network - Kind of people in the area in terms of background, culture, nature of employment, etc.
* Proximity to facilities for  recreation and community interactions like a Comunity Center, Sports, Club, Swimming Pool, etc
* Quality of construction
* Apartment orientation (Kind of View especially on areas which have windows / verandahs )
* Apartment plan (Utilization of space, Sunlight, Wind, etc.)
* Store room / Utility room - To keep extra stuff
* Potential for Rental income
* Proximity to school / colleges (optional)  - Important if you have children
* Re-sale value (Potential for appreciation within a specified time horizon) - Typically based on location, builder, quality, demand and supply in the market, future development and growth prospects in the vicinity, etc.

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