How to decide if the Property is Value for Money?
01 December, 2020
Whether you are shopping for clothes, jewelry, or even property, the one thing you’ll want is value for money. But how do you decide if the property is worth it? Is there a checklist?
Deciding the value for money when buying property can be a tricky task. What might seem precious to you can be egregious for someone else. It all gets chalked down to aspirations.
Different people have different aspirations. If you have a big family, you would want a big home. For creative artists, who need solitude, perhaps a condo somewhere near the greenery would be perfect.
A working couple raising kids would appreciate their house being in proximity to schools and shopping complexes. An elderly couple would feel safer living in areas within accessible distance to hospitals.
Another major factor could be commuting to and from work. Even an otherwise perfect home would be a major let down if it was far away from your office.
Do you see where this is getting to? There is no standard checklist to decide value for money when buying property. It is a combination of different factors. You first need to clearly define your goals for buying a property. Analyze your needs from all angles and see how they affect your living standards. There should also be a priority list starting with absolutely non-comprisable features in a property.
Your ease of living needs to be on the top always.
Need a bit of help to prepare your own personal checklist? Here’s an example for your ease. Suppose you are elderly couple looking to buy a property where you can live peacefully in your retirement years or an NRI looking for a perfect abode for his aging parents.
This simple checklist could be a big help in deciding if a property is value for money for you.
- Proximity to medical services: Hospital, chemist, doc on call etc
- Accessibility of ambulance services
- Can these ambulances travel to the Towers?
- Time taken to get to the nearest medical facility
You never know when you might need medical attention. This should be your topmost priority.
When buying a house, look around to see if an ambulance can reach upto your living premises.
If you are buying a flat, make sure to ask about ambulance accessibility in case of immediate need. Are there set procedures to assist you?
Check if your property is within reasonable distance to a hospital. Factor in the traffic as well to know the average time it would take to get you to the nearest medical facility.
- 5. Proximity to medical services: Hospital, chemist, doc on call etc
- 6. Accessibility of ambulance services
- 7. Can these ambulances travel to the Towers?
- 8. Time taken to get to the nearest medical facility
You never know when you might need medical attention. This should be your topmost priority.
When buying a house, look around to see if an ambulance can reach upto your living premises.
If you are buying a flat, make sure to ask about ambulance accessibility in case of immediate need. Are there set procedures to assist you?
Check if your property is within reasonable distance to a hospital. Factor in the traffic as well to know the average time it would take to get you to the nearest medical facility.
We hope you never need it. But it is the reality of life that it is unpredictable. You never know when you might need homecare. Make sure your bedroom has enough room to accommodate it. Check the bathroom too. See if it is safe and has non-slippery tiles. There should be a safety handle to grab while bathing.
- 9. Ease of employing help.
Can you hire help easily in the area? Is help available? You might need a cook, cleaner, or a full time nurse, househelp.
So, this is a tentative list for an elderly couple. It is a lot different from what a newly married couple would make when deciding to buy their own home. Go on adding your specific needs to the list and prioritize them accordingly. Value for money isn’t about just squeezing something into your budget. It should be focused on features amalgamating and supporting your extrinsic and intrinsic requirements.
If you're still confused about what should be the parameters of value for money for you, feel free to get in touch with our expert(s). We deal with buyers from almost all walks of life.
We hope you never need it. But it is the reality of life that it is unpredictable. You never know when you might need homecare. Make sure your bedroom has enough room to accommodate it. Check the bathroom too. See if it is safe and has non-slippery tiles. There should be a safety handle to grab while bathing.
About Author:
Abhishiekh Andlay is the founder of andlayestates.com. As a luxury real estate expert, he has been sharing the wealth of knowledge he's accumulated over 24 years of working in commercial real estate, commercial lending, real estate, brand development and management. His clientèle includes businesses, corporates, and individuals from the US and India.
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