How to shortlist properties?

Factors to Keep in Mind While Shortlisting the Properties

So, before sitting on the desk with a writing pad, pen, and the list of properties to a shortlist, here are some important considerations you should keep in mind while jotting down your favourite properties:

• Budget

Establish a budget and evaluate your financial capabilities. Besides the down payment, several other costs, like mortgage payments, property taxes, maintenance, and insurance, must be catered. Set a budget range that is reasonable to guide your property search. Property prices vary based on the locality in the city. Areas like Koramangala and Indiranagar in Bengaluru are more expensive than the Whitefield or Electronic City on the outskirts.

• Location

Consider the area’s proximity to your workplace, schools, healthcare facilities, parks, retail centres, transportation, and safety. Consider your lifestyle preferences and select an appropriate location. For example, cities like Chennai, Hyderabad, or Pune can provide a vibrant urban lifestyle with various amenities and good connectivity.

• Property’s Specifications

Choose a property that suits your lifestyle and your preference. You can choose from houses, apartments, condos, and townhouses. Moreover, consider space requirements, maintenance obligations, and the availability of desired amenities apart from the property’s layout or structure.

• Size and Layout

Consider the number of bedrooms, restrooms, and total area required to accommodate your family comfortably. Moreover, if you have long terms plans, consider prospective expansion or changes in lifestyle that may necessitate additional space. For example, a house with a two and three-bedroom layout is a popular option for nuclear families.

• Amenities and Facilities

Determine which amenities and facilities are important to you. It could include parking spaces, outdoor areas, fitness facilities, swimming pools, and other features that enhance your way of life. For example, cities like Gurgaon, Pune, or Chennai offer a range of amenities to cater to different preferences.

• Condition of the Property

After shortlisting, visit the properties and conduct a physical inspection. Check the age, structural integrity, maintenance history, and potential renovation or repair requirements. Assessing the condition enables you to comprehend the required immediate and prospective investments. For example, in cities like Mumbai, you may come across a mix of older buildings with character and newer developments with modern amenities. 

• Future Potential

Consider the area’s potential for future expansion and development. Research upcoming infrastructure projects, neighbourhood trends, and property value growth. Assessing future potential can help you make a prudent investment decision for the long term

• Legal and Documentation

Verify the property’s legal status. Ensure the property has a clean title and the required permits and meets all legal requirements. Review documentation, including ownership records, building plans, and applicable contracts and agreements.

• Neighbourhood and Community

Evaluate the overall locality’s ambience and sense of community. Consider noise levels, proximity to main roads, hygiene, and a supportive community. Research the neighbourhood’s reputation to ensure it matches your lifestyle preferences.

• Resale Value

Although not an imminent concern, it is best to consider the property’s resale value. Consider factors such as market trends, regional demand, and appreciation potential. A property with a high resale value can be a valuable investment over time.

Tips for Shortlisting Properties

Now, let’s look at some tips for shortlisting properties.

• Set a Realistic Budget

Establish a budget range and adhere to it. Consider the purchase price, maintenance, property taxes, and insurance costs. It will help narrow your options and prevent you from falling in love with properties outside your financial reach.

• Utilise Online Resources

Utilise websites, portals, and mobile applications to search for properties. These platforms frequently provide advanced search filters that enable you to refine your search based on your criteria, making it simpler to identify properties that meet your needs.

• Trust Your Instincts 

Despite the importance of data and analysis, do not disregard your inclinations and intuition. A property may meet all the requirements on paper, but it may not feel right. Trust your instincts and think about your overall emotional connection with a place.

• Think About the Future!

A property in a desirable location can provide long-term returns. For example, cities like Navi Mumbai and Gurugram have great growth potential. Navi Mumbai offers prospects for real estate value due to the development of new commercial zones and Navi Mumbai International Airport. Gurugram offers promising residential and commercial project opportunities due to the development of the Dwarka Expressway and others. 

To Summarize

Remember that shortlisting properties involves more than simply marking off checkboxes. Remember, the main goal is to find a house that fits your preference, aspiration, and budget. It is recommended to stay within the budget because you will also have to consider other costs. 

Shortlisting process is easy. However, after shortlisting, visiting every property location and thoroughly inspecting the property is essential. Evaluate the neighbourhood and talk to neighbours to understand the surroundings. Moreover, you can read about the locality online to make an informed decision.