Purchasing a property is a huge investment decision. But many times buyers ignore some of the primary considerations while buying a property. For most people, the price of the property is their one and only consideration.
With the growing online portals in the real estate industry, purchasing a property has become easy. People, especially NRIs, have the difficulty to find someone trustworthy to do the legwork for them and gain some insights.
Mrs. Geetha (name changed) purchased a property based on the information that was available on one of the portals while she was relocating to India. Little did she realise that her lifestyle, culture and outlook would be entirely different from that of the neighbourhood. Initially, she ignored all the uncomfortable situations. But later she realised that it’s not going to work in the long run as she just could not gel with the people in the locality. She felt all alone there and her children didn’t have the right friends to play with after school. By the end of first year Geetha was convinced that the area was not suiting her family and she had to move.
Such cases are increasing either due to ignorance or as a result of fraud from middlemen. You need to factor in various aspects of buying a property such as a neighbourhood, proximity to various immediate means of livelihood as well as a great purchase price. When you hire a real estate agent to help you buy a property, it is imperative that you check the immediate locality or neighbourhood.
Every agent or middleman has his/her preferences that they would want to sell, but it is up to us to be cautious and wary while making the right decision. Choosing the right neighbourhood/vicinity/locality is imperative because it affects many things and also influences the home’s value. It is often better to adjust the price range than to compromise on your neighbourhood as it will impact your life and your home’s value in the future.
For many buyers, safety is of prime importance because you need to feel comfortable in your surroundings and not be on all fours all the time. Checking for the crime rate in and around your home or understanding whether there is any disparity amongst the neighbours will help you to decide better.
We are sure you do not want to feel isolated amongst your neighbours, should you choose to stay here. Understanding the nature of your neighbourhood will help you to make a better decision. Socioeconomic factors such as religious beliefs, political influences, community (caste) related issues have to be given top priority while choosing the right home to purchase.
Urban vs Rural areas
There is a stark difference in the way people conduct themselves in urban and rural areas. In order to avoid such a difference, it is better to gauge the property’s location well before buying it.
Middlemen or agents will try to sell the most lucrative property to you, which will benefit them immensely. As an NRI, you may not have too much involvement over the silent aspects of your neighbourhood. This will often leave you in a lurch. To battle this dilemma, you need to exercise proper due diligence with the help of unbiased opinions to help you acquire the property you want.
With the increase in fraudulent property deals and fake documentation, investors have started becoming wiser and carry out their own investigations and risk assessments before purchasing. Professionals on Sherlock Zone platform help you to assess every aspect of your neighbourhood and help NRIs from scamsters who may be looking at making a quick buck. With illegal infringements, doubtful agreements, double mortgage, general power of attorney and much more, it is in your interest to conduct a thorough property investigation before purchasing it.
Finding a better home, with a higher price range, is always better than spending your hard-earned savings on a neighbourhood where you don’t fit in.That will rob you of your peace of mind.