Right way to cut corners when investing in a home

Compromising is something we all hate to do, but the reality is that we have to compromise on something or the other every day, whether at home or at work or anywhere else. This, unfortunately, holds true even when one is looking at buying a home. Given that compromise on some expectations is inevitable, it is important to know where compromises can and can’t be made.

Location: Never compromise on the location of the property in any manner. Ensure that the area you have chosen is a safe neighbourhood and offers a good possibility for appreciation in the future. Also, it should have good access to your place of work, schools, healthcare facilities, banking and shopping facilities, and have good connectivity to the city.

Reputation of the builder: It is always prudent to invest into this brand equity to safeguard one’s investment and benefit from a better living experience. You will have the corresponding assurance regarding the quality of construction, after sales support, the legal sanctity of the property and overall lifestyle experience.

Parking space: The availability of adequate parking space cannot be compromised upon in a residential project. A property without adequate parking ranks lowest on the rental desirability scale in any Indian city today.

Healthy environment: Look for a property which is as far as possible from highways or busy roads without being simultaneously cut off from basic conveniences. If one has children and elderly people at home, noise and air pollution will directly affect their health. It is for this reason that integrated townships have become so popular these days, as they – among many other advantages - offer the ultimate freedom from pollution.

Sizes of the property, kitchen, bathroom and balconies, interior décor and the budget are areas where a certain degree of flexibility helps. One should be flexible in one’s budget, as many of the best options may be available for slightly higher prices. If one finds a suitable and desirable home priced slightly beyond budget, it makes sense to extend it via a marginally higher home loan or contribution from personal resources.