Factors to be considered before buying a property

Buying a property is a big decision and demands a series of house checks and rounds to be fulfilled before taking a final call on the purchase.

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Buying a first house or shifting to a bigger place or investing into a commercial plot to make office is events that demand lot of calculations. Buying items of daily use may not be as confusing and elaborate a process as buying a house. Since the place that one resides in is reflection of his or her personality, the grandeur and aura of abode is directly proportional to individual's status and choices.

Also the area, kind of house, interiors are chosen depending upon family needs, utility, preferences and several other factors, to pick a place that is merger of all such wants is difficult. Also hopping from area to area looking for that ideal home is equally tedious. There are certain major factors to be considered before making this big decision to avoid the post investment repentance.

Always understand when it comes to property buying the slower and steadier the better. Hasty decisions might lead to unhappiness and dissatisfaction. Do make sure to jot down a list of the needs and preferences before commencing the hunt.

One must check if the property one is investing in is centrally-located or located away from central city in peaceful outskirts, its distance from the workplace. Also the surroundings should be livable and pleasant. It should be amidst parks, theatres, malls, markets, restaurants and such recreational facilities nearby.

Source - TOI 

Know the factors that make a house expensive

At a time when building apartments is every developer’s pet project and majority home buyers’ housing preference, you can still find a few lurking in the real estate market looking to buy plots. 

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The latter segment of buyers mostly desire to build a house of their own if not use it for other purposes.

Questions related to construction costs of home is common on Open House, the Q&A forum of Magicbricks. One such consumer- Sriram Makhan from Chennai asks, “I am planning to build my house on a plot that I invested in 5 years ago. Can you give me an approximate quote on what my budget should be?”

According to International Construction Cost Report, “Construction costs in India, Indonesia, Malaysia, Thailand and Vietnam are now all less than 35 percent of typical UK levels when costs are compared on the basis of a common currency.” Here’s a quick look at India’s position when compared to the rest of Asia (2014-2015).


Courtesy: International Construction Cost Report

It must be mentioned in the forefront that the cost of building a house depends upon a lot of factors. The size of the housing unit, structures being incorporated, the city where your wish to develop, materials being used, among others are just a few elements that have a strong impact on the costs incurred. We have tried to streamline some factors that will give you an idea on the construction cost as per your building plans.

Tax benefit on under-construction property 

• Outside limit commands attention in estimating the total construction cost. The shape is easily the determinant factor of the costs. If the shape is complex, then the structure  per square foot of floor area will be higher. ‘Outside limit’ takes into account the outermost exterior walls – comprising garage area garage area (if any).

• Standard homes are comparatively cheaper than customised and luxury homes. If you desire to build a customised home (which we normally tend to as per our requirement), the cost instantly increases. This happens despite the fact that the materials used in building the room is same as that of any other room. For example, a circular room, exterior and interior finish, doors and windows, kitchen, bathroom, floor finish, etc.
  are some key aspects to ponder upon if escalating costs is your bane.
  
  
• The total living area is important. Everything under the main roof – within the main building walls, will be considered in calculating the total living area. However, basement, porch and garage will not be measured instead, their costs will be calculated independently. Usually, a big building is more expensive than a small one, though the cost per sq ft will be lesser.
  

• Balconies are a favourite amongst buyers. However, they come at a price. Similarly, basements, garages and porches command extra expenditure. Though not under living area, as mentioned before, they incur extra costs if brought to existence.
  

• Materials used in construction such as bricks, cement, pebble, sand, among others are differently priced in each city. In the same way, labour costs vary within different cities. If you reside in a metropolitan then the material and labour cost will be much higher as compared to that of a tier-II or III city.

Source - MB News