Buying a home? Keep these risk management measures in mind

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The author mentions some measures to control the risks associated with property purchases:

Purchasing a home is one of the most critical financial decisions of most people's lives, which requires time, research, and care, given that they invest their lives’ savings into building this asset. An individual purchasing a home is looking for safe, stable, and affordable housing before taking the plunge. Aspects such as the location, the work history of the contractor or the builder responsible, quality of construction material, best financing options etc. are looked into in detail. However, do we also pay attention to risk management facets related to the structure of the house that could prove costly if not looked at?

Some of the risk management measures suggested for every home buyer are as follows:

  • Apart from ensuring that a design consultant and architect with good credentials has been appointed for the construction, one should make sure that the construction is earthquake-resistant, especially if one lives in a city that falls under high risk seismic zones. As per the National Disaster Management Authority, while Chennai and Mumbai fall under Zone III (moderate risk), Delhi and Kolkata fall under Zone IV (high risk). Other Indian cities that fall under moderate to high risk seismic zones include Pune, Chandigarh, Ahmedabad, Gurgaon, Goa, Agra, and Shimla. While no structure can be completely immune to earthquakes, by ensuring earthquake-resistant construction, the building can withstand earthquakes with minimal damage.
  • Approval from the respective regional development authorities or municipal corporations must be in place prior to starting construction work if you are building your own house and before taking possession of the flat.
  • All mechanical (including pipelines), electrical, and plumbing items should be of acceptable standard and supplied by reputed manufacturers in the market. Make sure the electrical installations in the building are sound as per good practice, Indian standard codes, and local regulation. Lightning protection is a must for tall and isolated structures.
  • In the past few years, Indian cities have seen erratic rainfall and have been prone to flooding due to urban development. A proper drainage facility, including storm water drains and a standby dewatering pump, should be provided for quick disposal of rain water, particularly from the basement and low-lying areas. Moreover, waterproofing done in the building should be of acceptable standard. In case you are buying a house on resale, it is important to check whether there has been seepage of water in these areas. Any such water seepage may result in corrosion of reinforced bars from inside and may weaken the structures over a period of time.  
  • Safety measures such as a fire protection system, fire alarm systems, and firefighting equipment should be installed as per relevant standards, in an apartment. A home buyer must also verify whether the building has been provided with emergency exits (passageway, wide staircases etc.) and refuge areas to permit safe and quick escape of occupants in case of fire or any other emergency.

Disclaimer: The views expressed in the article are solely of the author and may not represent 99acres.com's opinions on the subject. 99acres.com does not take responsibility for any actions taken based on the information shared by the author.

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