Listed below are some of the things that have to be kept in mind while  purchasing a residential property:

1. Locality: Proximity to transport hubs, schools, hospitals, market, central business district, entertainment centers, hotels, restaurants, pollution levels, safety records of the neighborhood.

2. Total area of the property i.e. Carpet + Built Up Area + Super Built Up Area.

3. Adequate car parking space.

4. Construction should be of a high quality. 

5. Reputation of the builder or seller. Check around with local sources to find out more of the builders reputation. 

6. Adequate water, electricity and other utilities should be an important factor. 

7. Get a good idea of the costs of various components like price, stamp duty, registration charges, transfer fees, monthly outgoings, society charges & costs of utilities.

8. Assess the potential resale value or the potential rental income of the property.

9. List out any other advantages and disadvantages of the property to help make a better decision.

Q:  Is inspection of the property a necessity before buying it?

Yes. One of the largest investments done by a person is with respect to the purchase of a residential property either for personal use or as an investment. Hence it is very important that the property is inspected thoroughly. This could save you costly maintenance bills at a later stage.

Some of the areas to be looked into with more closely are:

• Plumbing systems, drainage, water faucets and sanitary fittings.

• Electrical systems, circuit breakers, wires, capacity of the electric meter, functioning of light fittings.

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