This apartment is 15 kilometers away from main area, what should we do with this apartment that I have inherited by my father. This is the question my friend asked me. It’s unexpected question that thrown to me. My friend came to me because I had the relevant real estate experience of 4 years. I have not been into this kind of experience never before.
We decided to start with basics, literally from the scratch. I decided to go back my training days. Those days before selling a property we were thinking from customer perspective. We were making a list of questions that ideally customer thinks before buying property. The whole idea is get the answers for the questions so that we will get the clearity what to do with apartment. These apartments in thanisandra Bangalore are well located.
Below are the questions we asked ourselves in our probing process:
What is the land rates of the local area set by municipal office?
There are two answers for the above question. First we enquired with local municipality office. Got a price rate from a government officer. And then called local real estate agent to check what the prices are. Is the properties prices are inclined to the prices set by government. After verifying the validation process comes. We enquired with lawyers. Because lawyers knew exactly the trend price of last five years. With this validation we got two things. One the price of current year and second also a prediction price for next two years.
What is the maintainance charges per month ?
Check any loans were there? Any mortgages loans in particular. How much charges do come for maintaining apartment, what is the association fees, how much is for water facility, how much is for electricity. Make an extensive list of questions. Don’t forget to add two more important questions. One what is the annual property tax and secondly what is the annual insurance tax. Answering these questions will help us to decide whether to stay in the apartment or whether to rent the apartment.