Key things to consider before buying a luxury home

Mr Angad Bedi, MD, BCD Group.

Over the last few years, luxury properties have become the preferred choice of home buyers. This is quite clear in the kinds of projects being launched in the segment and how demand and sales have picked up in all the major markets. The luxury segment is constantly innovating and has become the most sought-after avenue to upgrade one’s lifestyle, fulfil the aspirations to lead a life of opulence and yield lucrative appreciation in the long run. However, when it comes to buying a high-value luxury property, one must consider certain things before making the final decision.

Here are a few things to consider before buying a luxury property:

The foremost thing to factor in before buying a luxury property is location. Whether it is a spacious property or a well-built one with amenities, at the end of the day location matters. All the upscale properties that have witnessed a surge in demand and are commanding high resale value, are located in well-connected areas, have all the amenities and have a superior infrastructure.

The second most important factor to consider before going for the actual scouting of a luxury property is the reputation of the builder. It is always a safe bet to go for builders who have delivered multiple successful projects in the space and have a good track record in terms of using quality materials and top-class amenities. Nowadays, it is even easier as one can check reviews online and get desired insights on a builder’s credibility.

The third key aspect to examine is amenities. Every homebuyer should check the kind of amenities and features being offered by the builder and also the terms and conditions that come with it. For example, if a property is fitted with appliances, do check the brand, the warranty and whether yearly maintenance is included. Besides, provision for security systems, concierge services, fitness centres, spa facilities, and smart home technologies are some of the things to consider before looking out for a premium luxury property.

Even if everything goes well, proper legal compliance and documentation are some of the important steps of buying a property. So, it is advised to engage someone who is a professional so that all the necessary approvals and clearances are in place. Having said that, it is extremely important to check the occupancy certificate, and building plan approvals of a luxury property to avoid any future hassles.

After considering all the above things, one must also stay on top of the market trends to get a fair idea about the potential resale value of a luxury property. A property might look stunning in the first go, but an informed decision based on market trends and growth prospects of the area will always benefit in the long run.

In addition to all this, every homeowner must consider the sustainability factor before buying a luxury property. All the renowned builders are committed to ESG norms and sustainability practices to create compliant properties. Non-compliant properties are becoming obsolete and only properties with green-building and other sustainability certifications will command a high value in the market.

While personal judgement and experience ultimately help in making the final decision, the above factors can be considered as the default rules that will help in making an informed decision. By prioritizing these factors and doing thorough research, one will feel empowered to be a part of the high-growth luxury segment.