August 2018

 

Should you buy a house with a swimming pool, a gym, or a park? We tell you how to evaluate the necessary amenities, from the avoidable ones

Amenities are an important part of any real estate project, which builders use to woo home buyers. While some amenities are essential, like a security system, elevators, etc., property sellers may, at times, also highlight amenities to hide flaws in the project flaws or to propel the sales momentum.

Each buyer’s need is unique, points out Vinod Rohira, managing director – commercial real estate and REIT, K Raheja Corp. “Buyers should first evaluate their needs and compare it against the services available in the micro-market and then look at the amenities provided in the project. This is the best way to choose a product,” suggests Rohira.

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Amenities and its influence on home buyers

Experts believe that it would be wrong to say that amenities do not influence a buyer’s decision. However, if a project has an indoor/outdoor swimming pool, a gym, or a park, it will require consistent maintenance and add to the home owner’s overall monthly expense. Despite this, many buyers nowadays ask for such amenities, while buying a project.

“Home buyers should make their own list of ‘essential’, ‘not so essential’ and ‘not required’ amenities and do a comparative cost analysis of selected projects, before paying up for something that they may never use in their lifetime,” advises Surabhi Arora, senior associate director – research, at Colliers India.

Important versus avoidable amenities

The budget and the segment that the home buyer belongs to, also play an important role in deciding whether certain amenities are essential or avoidable. An affordable home buyer may feel satisfied with a basic home, without any extra facilities, whereas a luxury home buyer may want more than the amenities that are already provided in a project. For example, a swimming pool, gym, club house, spa, bar, etc., can come under the avoidable list, for affordable home buyers. However, for home buyers in the luxury segment, these could be the basic requirements.

Which amenities to opt for?

The list of amenities that are broadly recognised as essential or discretionary for the home buyers are:

Essential amenities:

• Car parking
• Security services
• Water supply
• Elevators
• Power backup
• 24-hour maintenance

Discretionary amenities:

• Walking/Jogging track
• Play area
• Club house
• Swimming pool
• Gym
• Rooftop garden
• Open deck
• Sky lounge
• Spa and salon
• Concierge services
• Restaurants
• Party hall
• Temple and religious activity place
• Cinema hall
• Wi-Fi connectivity

Don’t take what you don’t understand!

The choice of amenities, should be evaluated on the basis of personal preferences, requirements, availability, affordability and exclusivity. Experts recommend that buyers should only opt for something that they are completely aware of and not be lured by rosy pictures painted by home sellers. Amenities always add some fixed or variable cost to the property and this may impact the resale value of the property.

Also read: Benefits of buying a home in the wife’s name

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Source: housing.com