As you drive past the East Coast Road, you can’t help but think of owning one of the villas that have luxuriated here overlooking the sea. Buying a new property is actually an exciting and at times, an overwhelming experience. Firstly, deciding between buying a plot and constructing a house or buying a house in a gated community is an elaborate process by itself.
Gated communities are always a safe bet. The experience of living in a community with shared amenities like pools, gyms and clubhouses is always exciting. There are also schools and day-care centres for kids, shopping centres and restaurants to take care of the daily needs. There’s a residents’ association to handle the maintenance and upkeep of the society. These communities are becoming increasingly popular amongst the property buyers for the convenience they offer.
A lot of people also prefer to buy a plot and customize the way they build their houses. Once you buy a plot, make sure that you protect your property against encroachments, and not get caught up in the hassle of getting permissions and clearances from various Government bodies.
With the home loans getting cheaper, this is the right time for you to build or buy your dream home!
The path to creating your dream home becomes a lot easier if these pointers are kept in mind:
- The ownership of the land your home is built on
- The responsibility of upkeep of your home (not the common area)
- The insurance cover for your house (covered under the policy for the gated development or not)
- Your ability to make modifications to the structure without any fresh permissions/additional payment
This is an adaptation of the original article titled “Villas are the new rage” written by Sonal Sachdev, Former Editor, Outlook Business and Executive Editor, NDTV Profit. The original article appeared in The Hindu – Property Plus supplement on 3rd October, 2015