5 Simple Things, Other Than Legal Formalities, To Remember Before Buying A Property

Owning a house property is always a top priority task of an Indian household. Before buying a property one never forgets to accomplish legal formalities and arranging papers for loan requirements as well. While talking to property brokers, promoters or re-sellers everybody just looks at the house and validity of its non-encumbrance nature but they should keep in mind some other simple things but very important. Here we will not discuss legality,loan eligibility, capacity to pay EMI, quality of property, reputation of builder, promoters etc. rather we will discuss some basic essential things
1. Train stations and Airports should not be too far even though you have a car. It should be within the periphery of 45 minutes to 1 hour distance. It is seen that due to long distance of residence from Airport, people sometimes miss important task and cannot catch its train and flight. For example : People living in Mira Road , Thane can reach to Airport from Auto or Radio Taxi within 45 minutes to 1 hour in day time and 30 minutes in early morning. Inhabitants of Mira Road may reach CST within one and half hour to catch the train in early morning but during day time it’s a gigantic task to catch the train but still its manageable, however people living in Sanpara ,Airolietc feels hardship to catch train from Bombay Central. People living in suburbs of Kolkata have to come to Kolkata a night before and stay in a hotel or at a relative’s residence before catching a flight in the early morning say 7 AM or before.
2. Nearness to work place is also an important thing. Every day journey for one hour to 2 hours make life miserable and most of the time of the life goes in performing daily train or traffic journey. It forfeits the zeal of life, increase frustration and affects your attention towards wife, children and parents. A person never gets time to do other important tasks for family say excursion with children, visiting school of a child etc.
3. The locality is very vital to consider before buying a property. Visit the prospective locality of your future residence during different times of day , spend sometimes in a coffee shop or tea stall and see what happens there. Which type of people dwell there and what are the routine activities going on. Needless to say , one can imagine the effects of locality on the family. It is important to check if the grocery shops, daily need articles are available there or not
4. Ask property broker or shopkeepers near to property about condition during rainy day. Whether floody situation arises there or not. Whether drainage and sewerage systems are effective there or not and whether garbage are removed at frequent intervals.
5. Nearness to hospitals, schools , doctor clinics , 24 hour medicines shopts, community halls etc. are other important basic things to watch prior to finalise any property

Bhaskar Choumal
Chartered Accountant