3 lesser-known facts about buying a property that will fetch good returns

Earlier the key aspects to buying a property was ‘Location, Location and Location.’ And today we see a shift in the mindset to ‘Value, Value and Value.’

This shift in mindset is due increasing urbanization, which has made location less important, yet value the key for deciding on any property.While both-location and value are the most critical aspects of investing, there are other influencing factors that make a property more worthwhile. I was once asked, is it apples or oranges to decide between two equally good properties. Well, an investment this heavy in nature, cannot just be made by playing pick and choose. In that situation, we would advise you to weigh out other aspects that include-

1. An effective association for maintaining the property

Most properties that we sell or buy are resale properties; we also know that with time and use they tend to lose their novelty. There are many reasons for the devaluation or we could say deterioration of any property:

• Wear and tear in and around common areas in the building
• However not using a property or if it remains unoccupied for long periods can also do harm, especially to the fittings
• Natural weather conditions like heavy rain can cause damage over time

Now buying a property is most often not the end to the problem, the main part comes in after that, i.e. the maintenance. There are many aspects to maintaining your property and for an individual owner can be the cause of a constant tension.To your rescue, steps in the association body, who will take care of all the needs of individual residents and their particular problems as well as of the whole building. Whether there are leaks, blockages, insufficient water or power blackouts the association takes the responsibility to fix it. And if they are an efficient lot, apart from the daily maintenance, regular and yearly checks are also conducted so that your property retains its value for years to come.If you are considering a resale property, the efficiency of an association can be easily evaluated by having a look at the exterior portions of the building and immaculate paperwork which allows more transparency in the association itself. If the association is cohesive and the inflow\cash reserves are in place, then you are assured of a comfortable ‘home coming’ everyday. In case, it is a new property then you can be a part of the committee to ensure smooth functioning, after all, living in a flat system does involve a lot of inter dependencies.

2. Homes with proper utilization of space

Fortunately or unfortunately I had the chance of residing in a large number of apartments in the past few years. I have always opted for residences with lots of natural light and free space but what I noticed is that a bigger sized apartment did not always mean a great apartment.A 1000 sq ft sized apartment, for instance, if well-planned, with proper layout and proper utilization of space can be at par or even better than a 1800 sq ft sized apartment with bad planning.Good planning is a very important criteria that determines the value of one’s home. It gives light, air and good ventilation and is a guaranteed way to keep its occupants happy. Keep this in mind when you go out for your next home hunting spree.

3. Buying a resale property saves on investment

Many people refuse to buy a resale property because there is a stigma attached to buying something that is used by someone else. If we can get over this initial hiccup you will see that in a resale property you need to make much less investment as to its fittings etc.Whereas in a new property many changes, additions and corrections need to be done, on the other hand since a resale property has already been inhabited most needs are fore done for you. That cuts a lot of your expense but increases the value of your residence.Now that gives us something to think about, isn’t it? Prime property in prime locations is not always available or is more likely out of your budget.But if you can keep these things in mind and buy your property a little intelligently there is no stopping you from making a whopping profit on your investment!