Types of Home Specifications to Keep in Mind When Buying a House

Buying a house is a once-in-a-lifetime transaction, especially for the middle class, which forms a large part of our 1.4 billion population. Due diligence and a plan of action are the founding pillars of this extensive decision-making process. The real estate market is one of the most booming sectors of the Indian economy, expected to touch ₹13 lakh crores in 2023, with the top developers having many exciting projects in the pipeline. With the rise in disposable incomes and standard of living, there has been an evident increase in demand for luxury houses.

The buyer today is well-versed in all the happenings, with the real estate sector being no different from this. The Millenials and Gen Z living independently in big metros like Mumbai, Delhi, Bengaluru, and Chennai demand world-class amenities and are willing to shell out too. While the buyer may have access to all the information today, keeping updated with the latest happenings can sometimes be challenging, especially with factors such as documentation and real estate laws, which could make them victims of fraud or scams.

Thus, before entering into the purchase agreement with the seller, the potential buyer should keep the following types of home specifications in mind.

1. The construction quality of the property

While keeping in mind your requirements, such as world-class infrastructure, the latest amenities, and technology, the buyer must ensure he doesn’t miss the bigger picture, one such aspect being the quality of construction. These include structural, non-structural, finishing, and services.

Below are some measures that could help the buyer assess the quality of construction.

• The quality of the land.
• The concrete mix and other raw materials used in the construction.
• Fixtures such as bathroom fittings, electrical wires, and pipelines.
• High-quality and eco-friendly paints.
• Plasterings around the wall.

2. Reputation and goodwill of the builder

Despite strict regulation bodies and acts such as RERA, Transfer of Property Act, and Registration Act, a buyer should take a personal interest in the profile and history of the builder. Another way to gauge the developer's goodwill is knowing the completion time of their previous projects.
For example, developers like Lodha, Runwal, and Rusomjee enjoy healthy popularity in the real estate industry.

3. The resale value of the house

Though this might not be the first thought in the buyer’s mind when buying a house for themselves, rightly so, given the level of investment involved. Nevertheless, it is essential to have an idea about the future market. One way to do this is to understand the locality's demography, social infrastructure, and upcoming projects.

4. Age of the property

One of the most important factors to consider for those buying a resale house is that the old building could require a significant amount of maintenance/repair work, which could add to the cost for the buyer. With the government and concerned authorities pushing for redevelopment, this adds another point of concern when purchasing resale houses.

5. Location, neighbourhood, and connectivity

The location of a property plays a crucial role in the buyer’s decision. There are plenty of examples in the market to suggest for residents living in luxurious apartments who spend most of their time travelling, given the location's poor connectivity. Therefore, ensuring the residence has the surrounding social infrastructure and low crime rates is necessary.

While buying a house may be an extensive process, proper research and study according to one’s likes and preferences makes things much easier in the bigger picture. Information is money, and time is limited. Thus, one needs to be on the move and ahead of everyone else.