Here's a checklist for buying new property

Lovaii Navlakhi
International Money Matters

Real estate always remains one of the most sought after investments for most people despite tough economic situations, rising interest rates etc. When people look at consolidating wealth and diversifying, then it is usually real estate in the form of a house, flat, commercial space or a plot. Also read: India's top housing market headed for correction? Here are a few tips to help you if you are one of such investors: • Accessibility of the property is of paramount importance. Easy accessibility or inconvenience will affect the resale value and rental value of the property. • Connectivity is the next critical thing. The property should be well connected to schools, colleges, markets, hospitals, bus stations/local transport, hotels and refreshment centres etc. • Adequate road access is a must. This is especially important when looking at properties located in remote areas or at the outskirts. Buyers should be careful and understand the road development plans from the municipality/government authorities rather than merely trusting the developer or promoter of the property. • Also check with the government bodies if the property comes under future road widening plans or if it has been constructed in a government land allotted for road. This will help to avoid hassles during road widening or any similar activity which the government decides to undertake at a later date. • You should know the utilities that are available in the property at the time of purchase. Some of the basic utilities which should be available are electricity, water, cooking gas, telephone and cable connections. Other aspects like easy availability of domestic help are also factors that influence the rental value of the house. • Boundaries and the neighbourhood of the property should be thoroughly checked. It should not be near a factory or a mine or a high tension cable as this is likely to cause noise pollution and health related issues. One must also look at the sewage treatment and water polluting bodies in the area as well. Many a fine property is completely spoiled by the smell of drain water from the open canal or rotting garbage from a collection centre nearby. • In case of a plot, you should find out if there are any restrictions in construction, which might not meet with your requirements (Eg. Only Duplex, similar exteriors, commercial/non- commercial, Floor Area Ratio (FAR) etc.). Often the developer may conveniently forget to tell you of such restrictions. The author-Lovaii Navlakhi, CFP is the CEO of International Money Matters and The Financial Alphabet.