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Maximise resale value

DNMUM170344 | 4/24/2010 | Author : Mrunal Duggar | WC :433

Know How
DNA Property

Mrunal Duggar lists the fundamental considerations for buying a home while ensuring future saleability

Most of us know exactly what we want from our future residence - the look, the facilities, the accessories, etc. This does not mean, however, that a home which meets all these requirements is ideal. To judge whether a new residence will be a real asset in the long run, we must consider many variables. Paying attention to these will not only ensure maximum comfort and convenience during actual use, but also maximum resale value in the future.

Community Infrastructure Counts
*The ultimate worth of your home is twofold - the happiness it brings you and your family during your stay there, and its eventual resale value
*It is common knowledge that the perfect home calls for proper communal infrastructure. Ensure the availability of shopping and grocery outlets, basic entertainment and transport facilities, schools, medical establishments, friendly people next door, and so on.
*While it is obvious that schools are an integral part of our family system, this may not be a decisive factor if you don't have children - or are a bachelor. However, availability of schools in the neighborhood is still important from the resale value point of view. The same applies to most other conveniences like public transport, postal facilities etc.
*Property rates are not decided on the basis of land value - it is the surrounding infrastructure that adds to the value of a location.
*If you have chosen your location well and are in a progressive and developing neighborhood, your home will appreciate in value over the years only because of the overall conveniences it will provide to future buyers.
*Do not think of your needs alone. You may not see the necessity of public transport facilities if you own a family car and scooter.
*Similarly, a post office may seem unimportant if you are a regular email and courier user. You may not need nearby shopping facilities because you do all your purchases at the local mall anyway… but a future buyer of your home may need these facilities, and will judge the value of your residence on this basis.

Decisive factors
*The eventual resale value of a home matters a great deal
*Proper community infrastructure is a must to make a resale home appealing
*Ensure availability shopping, entertainment, medical and transport facilities
*Schools nearby are very important from the resale value point of view
*It is the surrounding infrastructure that adds to the value of a location
*Homes appreciate in value by the overall conveniences they provide future buyers
*A future buyer may have different needs

The writer is Vice President, Homebay Residential, Jones Lang LaSalle Meghraj

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