5 things to consider when buying a lifestyle property
By IANS | Published: January 5, 2023 02:15 PM2023-01-05T14:15:05+5:302023-01-05T14:25:07+5:30
New Delhi, Jan 5 Everyone has a few goals in life, and buying their dream house is usually ...
New Delhi, Jan 5 Everyone has a few goals in life, and buying their dream house is usually at the top of the list. However, choosing the perfect property can turn out to be quite a tedious and complex process, especially because, for the foreseeable future you'll be planning to stay there. This is why there are several things to think of when buying a lifestyle property. In this article, Ayan Nagpal, Director at Agrocorp Landbase, shares five key factors to prioritise while looking for the perfect place.
Location of the property:
One of the first and crucial steps is to find the most appropriate location according to your requirements. Usually, buyers want a property that is accessible to the places they visit the most like work, school, shops, places of worship, and their acquaintance's places. Along with the location, it is also necessary to see the neighbourhood and surrounding area.
Size of the property:
Before making an offer on a particular property, thoroughly evaluate the size of the property. Do you want a backyard large enough for your children to play in? Can you envision yourself living on the property and enjoying the view for many years to come? Check the lot description and measurements with your realtor if there appears to be a doubt as to where one lot stops and another begins. Don't be afraid to leave if anything about the lot seems to be a compromise to you. Finding a comparable house on a better lot will be simpler than continuing to choose a place that is subpar every day.
Potential for future endeavours:
It's feasible to plan an outlook for the lot in advance and make your choices according to it. Whether a new business or subletting or even turning it into an Airbnb! There are several options to make use of the property subsequently. It would be advisable to make sure well in advance that these plans are possible otherwise it could turn out to be a catastrophe later on.
What purpose will the property solve:
It is essential for the property buyer to know the end use of the property and the time horizon for development.
A comfortable price:
Before you even start looking for any property, you should determine the price range in which you're comfortable. It is necessary to set a limit and follow it as there are a lot of hidden costs also attached to buying a property like maintenance, utility costs, taxes and even moving fees among others. Consider how every expense will affect your budget, and be steadfast in your choice of price range.
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