Moneycontrol.com

The search for a new home begins with great enthusiasm and optimism. But along with it come a puzzling array of questions and concerns. To ensure the search for your dream home ends with a smile of satisfaction, Surendra Hiranandani, Managing Director and Founder of the Hiranandani Group of Companies answers common questions that may arise as you make this big decision.

1. How big a house do I need?

If you are buying your second home for the family or preparing to move into an owned apartment from a rented one, the best way to answer this is to look at your present home and see what needs are met in your present home. Discussing with other family members can provide great insights into what makes them comfortable and serves your needs best.

If you are buying your very first home as a couple, do you feel you need just a home for your cozy twosome, or have you wisely kept in mind what may be your future needs when you start or expand your family tomorrow?

Be a good judge and draw up a vision for your new home. At the same time, jot down your budget estimating the area you are getting in terms of built-up and carpet area (the ratio can be as low as 15 percent for an old construction and as high as 28 % for new constructions.) Some developers also offer the concept of super built up ratio including as much as 40 % area, and this is something a buyer should be alert of and verify duly the reasons for including a greater percentage area.

2. Where do I choose my new abode to be?

Generally, the norm is to have a residence that is not too far away from one's work place, keeping the traffic and transport systems in mind. Rates of property vary hugely between the various areas of the Mumbai Metropolitan Region, with some areas commanding around Rs.20, 000 per sq ft and some others are below Rs 1,000 per sq ft.

Suburbs like Thane, Powai, Ghatkopar, Mulund, Malad and Kandivali are fast transforming into attractive destinations with malls, multiplexes and myriad options for larger and more luxurious homes. With fast development happening in full swing, one is assured of better space and value for money along with the expectation of a good value appreciation of one's home in the future. Mix-user townships, with commercial and residential facilities are an ideal situation for many families as it does provide a great relief amidst the hectic and fast lifestyle in Mumbai. A sea-facing or lake-facing house or a house in a natural green area can be promising when one visualizes a clean environment away from congestion, the rush of traffic and pollution.

3. Does it live up to my lifestyle requirements?

Aesthetic interiors and exteriors are primary to the attractiveness of any house. Flooring, tiling, classy fittings and fixtures can make a home a pleasure to live in. Jacuzzi, fancy lighting, french windows, swimming pool, gymnasiums, clubhouses, jogging tracks and many such lifestyle features are becoming a standard norm in high quality projects. Some developers also offer the option of complete interior solutions to the customers. While these certainly add to the luxury, one must thoroughly verify the quality of construction and benchmark the new home with existing projects of the builder to ensure that what you see in the sample apartments will be actually what you get.

4. What about the Basic Amenities?

In the process of ensuring hi-end lifestyle amenities, one must also clearly check that the basic amenities are up to the mark. Water supply and power supply, good roads and parking space, children's play areas, doctors and clinics, basic shopping and public transport stations are very crucial to ensure a hassle free living and one should never underestimate the importance of the same. Well connected both by road and rail, while the international Airport and flyovers should also be in proximity as per the needs of the buyer. One thing that is sometimes overlooked is the security systems and safety of the complex and locality. One must pay due attention to this also.

In addition to basic infrastructure, maintenance of the complex should also be given due importance such as cleaning of roads, streets and drains, garbage disposal and organic waste composing, rodent and mosquito control.

5. What value additions do I get along with the home?

Wide, open spaces, lush green gardens, and tree lined concrete roads are all available in the best of the housing complexes in Mumbai. Staying in a landscaped property gives the area an elegant feel and also keeps the air fresh. Rainwater harvesting and sewage treatment plants are some of the eco-friendly ways by which the builders are able to provide a healthy environment in harmony with nature. Not only this, the modern homebuyer also checks the availability of entertainment and recreational options near or within the complex such as bowling alleys, game centers, sports facilities, vibrant shopping malls, food courts, restaurants, to add excitement and color to the place.

6. How close are the schools, colleges and transport systems?

Good living areas also have the best schools and hospitals available in the vicinity of the township and around. Transport system also is of paramount importance, as everyone looks for good alternative transport system like road and railway transport. The home seeker must study the time saved and make a choice of those houses that are the closest to their day-to-day chores.

7. How worthy is the investment in terms of resale value of property?

Homes with a pleasant view of the horizon often sell at a premium above similar homes without the view. However, if a view is important to you, buy it mostly for your own pleasure and not as an investment. Though you may place a considerable value on the view, future buyers may not be so like-minded. It may take you longer to find a buyer when the time comes to resell the house. Or you may end up dropping your price to nearly match other sales prices in the neighborhood.

Also see the pace of development of the area and study the news and views to be updated with the future trends estimated. For instance, areas like Powai, Thane and Oshiwara in Mumbai have registered the maximum appreciation in capital values in the past five years.

Excellent quality construction of buildings that endures the passage of time and good infrastructure development in the locality also determine the graph of the value of your property.

8. When you have options for a small and cozy home, how you can best utilize the available space?

Figure out possibilities of maximising space with clever interior designing. Many homeowners are abandoning traditional room layouts in favour of designing specialty rooms or areas within the home. Depending upon the size of your current home and your family''''''''s requirements, a common living room space can be as compact or as large as required. Large family rooms can also be quite easily segregated with the use of various room dividers such as painted decorative screens, fencing materials or oversized shutters that have been hinged together. Many times, additional balconies can be cleverly utilized for leisure space or an extra storage room that can be easily converted into a computer room. When you survey a property, visualise how you can use the walls with wall units or whether you can convert the kitchen into an additional room by utilising the extra space near dining room as the pantry.

Keeping the complexities in mind, it is always a good idea to make a chart or table of comparison of all properties giving remarks to each of the factors that you have considered "“ area, price, amenities, value added features, etc. I would advise that thereafter only should you base your decision on careful weighing of all the factors to choose the best property that perfectly fits your needs.

Most of all do believe in your dreams and keep your scanners sharp to ensure it turns into a reality that you really wanted. You'll be happy with the end result. Happy Home Hunting!