In the real estate market, a segment of buyers and investors prefer ready-to-move properties over under-construction ones. This preference is primarily due to two reasons:
- The buyer can use the property immediately or rent it out to earn monthly income.
- Buyers of ready-to-move properties don’t have to wait for possession or deal with project delays.
Real estate expert Pradeep Mishra acknowledges that purchasing such properties comes with several advantages. If you consider buying a ready-to-move property, it’s important to keep certain factors in mind. Failing to assess these aspects could result in significant regret later.
Check the Title
A title search verifies the ownership of the property. The ownership of a property isn’t self-evident; it is confirmed through official documents. If you are purchasing such a property, first verify the owner’s details at the revenue office to ensure that the person selling the property is indeed the rightful owner. There have been instances when a property is sold by someone other than the owner.
Property Age and Quality
After verifying the title, you should assess the age and construction quality of the property you plan to buy. Typically, properties with good construction quality have a lifespan of around 70 to 80 years. Additionally, older properties are generally priced lower than newly built ones. You can gather information on the quality from local property dealers or consult a structural engineer.
Income Level and Lifestyle
It is essential to know the income level of the people in the area around the property you plan to purchase. Properties can be categorised by income levels: one-room properties are generally for the general public or studio users, two-room for lower-income groups, three-room for middle-income, and four-room for higher-income groups. If you purchase a three or four-room property in an area dominated by one or two-room properties, you might find the standard of living different from your expectations.
Check the Availability of Essential Services
Ensure that the property’s location provides easy access to essential items like milk, bread, vegetables, and groceries. Authorities and builders often include convenient shopping options in their projects for this purpose. Without such facilities, you may have to travel several kilometres to meet your daily needs.
Presence of a Welfare Association
Check whether there is a Resident Welfare Association (RWA) established where you are purchasing the property. If an RWA exists, meet with its members to discuss the strengths and weaknesses of the area. A welfare association plays an important role in maintaining common spaces, greenery, and basic amenities like electricity and water, so gathering information from current residents is valuable.
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