HYDERABAD: Home is where the heart is – goes the popular adage. It is one of the biggest and probably the most significant investment that entails a lot of planning. The word planning does not necessarily mean mobilisation of funds or scouting for the best home loan offers. Great location and affordable price are common enticements used by real estate developers and builders to lure ‘gullible’ people. People are naïve when it comes to evaluating the cost of an apartment.
There are several aspects that determine the cost of an apartment. The most common being the cost of construction in terms of quality of the material used. Irrespective of the size and aesthetic appeal of an apartment, one should make sure that the material used and the amenities provided are of the best quality. A mere aesthetic appeal can often deceive an amateur eye. So, make sure a professional assesses the quality of construction before you sign on the dotted line.
Land cost or the location of your apartment is an indicator of whether your apartment value is likely to appreciate or depreciate in the near future. A good neighborhood, proximity to schools, colleges and medical facilities are some of the aspects to be considered while determining the cost of an apartment. With stress becoming a ubiquitous factor in our lives, we crave to stay in a home away from the traffic-clogged roads but at the same time not too far from the city.
If there is an opinion poll conducted on the common questions asked by a home buyer, then What are the amenities within the apartment complex? will top the list! A gym, swimming pool, play area, an amphitheatre are some of the regular amenities offered by real estate developers today. But, it will not be long before you see a miniature shopping mall or a cricket academy within your apartment complex!
If you belong to the burgeoning section of people who continue to think that good infrastructure, amenities, quality of construction determines the cost of an apartment then you better think twice. Honestly, these are micro-level factors that no doubt have a significant impact on the property value but as a serious home buyer and a responsible citizen we should be cognizant of the government’s future plans for the area in which you are likely to reside.
Picture this, today, your apartment maybe nestled amidst a not-so-crowded area with a significant amount of green cover around it and the amenities provided within your residential complex may take care of your daily needs and requirements. This state of utopia will not last long if the ruling government is unmindful of commercial establishments (read office complex) and shopping malls mushrooming in that area.
Vehicles that could once move seamlessly on the main road of your complex will soon turn into a driver’s nightmare with incessant traffic congestions, not to mention high decibel noise and air pollution. There are several residential localities in India which have borne the brunt of such callous attitude of the government.
Homebuyers have to be sentient of not only the present state of local amenities but also the government’s plans for commercial development in that area. A thorough recce of your soon-to-be neighborhood is one way of determining whether there are any signs of commercial establishments being constructed. Potential homeowners ought to be concerned about the government’s plans regarding traffic patterns, schools, hospitals and other infrastructure as future development can change your property’s value for better or for worse!