Watch Out For These When Buying Luxury Apartments
Premium or luxury apartments in India are the latest fad for many urban couples, as the concept of individual home is fast vanishing. Many builders of luxury projects are lapping up on this demand and are weaving in many new concepts into premium apartments; be it serviced apartments or air conditioned common areas, spas, private health clubs, running tracks and many more. In some luxury projects in India, builders even go to the extent of offering guest parking facilities.
While the offerings are exotic and very five-star hotel-like, a smart builder might make it a habit to fleece you over time. Just because you have enough money to buy a luxury apartment does not mean you should not demand value for what you are paying, or pay the right value for what you are getting.
Here are some things to watch out for while buying a luxury apartment:
Property value: Resale might not be on the top of the mind while buying a luxury apartment in any residential projects in India. However, do keep in mind that real estate is an investment and shall remain so. Ensure that there is no uber premium charged for the luxuries provided by the builder. Do compare it to other apartments of similar size in the same location. If the builder is charging twice as much as a normal apartment, it might never be sold. The demand for luxury apartments is niche and, hence, be extra careful of what you pay.
Maintenance fees: The hidden cost of living in a luxury apartment is the high maintenance fee charged for every amenity. Do make sure that the charges do not exceed the same services offered outside the building or the society. Break down the maintenance fees to each of the service offered, and make comparisons. For example, if there is a private health club in the society, compare it with the monthly costs of a similar club in the vicinity.
Energy costs: Lighting, air conditioning and other offerings might surprise you with unexpectedly high power bills. If you see wanton use of electricity in the building, ensure that the builder has made arrangements of alternate power sources like solar panels. This is a trend that is catching on in cities suffering from long power cuts, and it might be cheaper in the long run.
Carpet area: Are you sure that too many things which your builder is proving outside your apartment is not eating up into the actual living space that you are getting? There might be wonderful gardens and running tracks but it is the actual apartment that you will spend most of your time at. So, go for those which offer a good carpet area, as a spacious apartment is the luxury that most people seek.
It might sound good that you live in a luxury apartment. But before you buy, ask yourself if you are going to actually need all the luxuries that the builder is providing. While gyms and health clubs look like great services, the interest in these might wane away after a while. Define what you exactly need and go for the builder which provides all that you want. And, do not get swayed by the extensive marketing done in the name of luxury.
(The writer has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)