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Three Golden Rules to locate a dream property: We have stated in the preceding paragraphs that a prospective buyer should not allow a dream property to slip out of his hand, when he sees it. We have also stated that a ream property id seldom in the market with a cheap rice tag. But we have still not answered the 64 million dollar question: How to identify a dream property?
Let us not a make a secret of this any longer. Let us reveal the three golden rules of locating a dream property. The story is told of a small boy who left his small, native town in USA and travelled to New York. Over years, he amassed a fabulous fortune, all attributable to his real estate deals. He had it all but within him there remained a strange desire to return to his roots, before he rode in to the sunset. He returned, decades later, as an old man, knowing that his end was near. Deep within him was his desire to share the secret of his success with the denizens of the same dusty, little down.
In a small and almost bewildered gathering that was seeing the famous billionaire for the practically the first time, he stated. There are three factors in locating a dream property. “The first”, he said, “issituation”. “The second, my dear friends, is situation”, he revealed. “And the third and the most important, is again situation”, he concluded.
The moral of this story, which has much more than mere anecdotal value, is that the importance of situation cannot be under-estimated. But why the three “situations”?
If the first decision is to be made, for instance, whether to buy property in Chandigarh or say Budhladha, in the backward Mansa district of Punjab, choose Chandigarh—that is the situation No 1. In Chandigarh, if the choice is between the elite single digit northern sectors and the new development in the multi-storey southern sectors, choose the former—that is situation No. 2. And finally, if in Sector 8, one is to choose between a reasonably priced one kanal ordinary house and preferential corner house, facing park, choose the later—that is situation No. 3. These three hierarchies of “situations”lead you to the dream property. Needless to say, now that you have located it, clinch the deal!
The word situation has many connotations. The example in the preceding paragraph was merely illustrative one. To salient features, indeed hallmarks, of a good situation is its location—as far as possible, it should be abutting the main road, especially in case of sub-urban properties. The access is equally important. The road from the main city, or the city centre, as the case may be should be in good shape, and preferably it should be the main artery, if not the main highway. If the road is broken, or remains choked with traffic, no property, even if it is located on the main road, can be qualified to be called a dream property.