All set to buy luxury property? Be ready to pay higher maintenance

Kamal Ashraf, a top corporate professional in Delhi bought a property worth Rs 7 crore spread a little over 3000 sq ft! Like many first time buyers who believe that paying off for a luxury property is the only priority, Ashraf also felt that the price is the only liability! But believe us there is more!

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Depending upon the make of your house - whether imported finishing, latest technologies and the best interiors, the maintenance cost would vary from Rs 8-50 per sq ft! By this standard let’s assume that your house is spread over 2000 sq ft. The minimum you would have to spend on maintaining the look and feel of your luxury house is Rs 16,000 per month!

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Essentially, luxury means that you have ample living space. In an interactive webinar organised by Magicbricks, Yash Joshi, managing director, RMZ Homes said, “It is not only the ticket price that defines luxury. There are only two types of properties, luxury and the rest. Luxury properties necessarily come in with a host of other facilities, the ease of approached, technologically sound and ideally located. If your property qualifies these standards, surely it is luxury. However, if it doesn’t, it would be hard to consider it luxury despite the heavy ticket price.”

But this does not mean that all the money would be spent on revamping your interiors. Aishlata Barnwal, agent at Homes Boutique says, “Revamping the interior designing can neither disproportionately increase the value of your home nor add any extra bit of luxury to it.”

“It is the quality of the brand of tiles and finishing that are used or the way technology, intelligent lighting, energy conservation is handled that governs what is luxury. Not only do you buy luxury but to preserve it from depreciation over the years, one would need to maintain it too,” adds Barnwal.

If you are a connoisseur of space, design and luxury, do study how much extra you would need to maintain what you have bought!

Sneha is a real estate market research enthusiast and is currently part of the editorial team of Times of India’s property wing- Magicbricks

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/all-set-to-buy-luxury-property-be-ready-to-pay-higher-maintenance/79932.html