Though people aren’t afraid of gold investments today, people are still afraid of investing in real estate for the fear of unprofitable returns. Investing in properties and owning a home still remains a dream for most individuals. The desire for investment does not stop with providing you with a living space, but also gifts you with loads of profit which is quite insane. If you are one of those individuals who are indecisive of whether to invest in real estate properties, then check out this list of important tips to keep in mind when making real estate investment, and is completely risk-free.
Ensure you plan early
Usually planning is the first and immediate step we take in any process. But, planning in real estate should be taken a bit early or in advance before making any progress in purchasing the property. Earlier planning fetches you time in deciding to either get the best deal possible or close the deal quickly. So, plan your budget, property type and location in prior before taking further steps in searching for the best deals.
Take time to research
Research is an imperatively advance step in any property purchase. A thorough research on the location and features & facilities of the property gives you an idea of whether to invest in it or not. Also, to make your research even more advanced, then check out real estate forums, real estate portals, news and reviews about the property before making any permanent decisions. Go through all the terms and conditions and understand how documents work before you sign the dotted line.
Know more about the market trends
Knowing the real market value of the property in terms of location, developer, quality of the project makes you crystal clear about whether the property worth the investment. Despite the current value of the project, you should also know the future potential of the property as well. Having a potential knowledge about the market value helps you in negotiating the price. To make your research on the market value a bit easier, knowing more about the location helps you decide the true value of the property as the location plays a key role in the standard of the project. So, make sure the property is developed in a prime location. On the other hand, location knowledge helps you in calculating the rental value of the property as well. In simple, location is the key contributing factor to the property’s market value.
Review the property altogether
Reviewing the property, whether it is an old flat for sale in OMR or new luxury villa, is important because this helps you in zeroing down on the possibilities of positive property purchase. Also, it enables you to take note of any maintenance or repairs to do by the existing homeowner or by yourself before moving into the flat.
Limit within your budget
There come times where you might get tempted by seeing some luxury projects which goes beyond your planned budget. For instance, if you are planning to buy a 2 BHK flat in a regular location around 40 to 50 lakhs, and you come across a 4 BHK luxury villa in a prime location worth of 80 lakhs, then choosing between these two is what decides your life for the next few years. Sticking to the budget is unquestionably a peaceful move as you have already planned out on financing the property and how to lead life further after investment. In contrary, if you make an investment beyond your reach due to temporary temptation causes trouble for the next 15 years as it acts as an impediment for your regular life such as medical bills, utility and maintenance and so on…
Try not to constrain your choices
Always remember to look at all the possible options in terms of your planned budget, location and facilities you need. Try to look through all the options and prices from various real estate builders and zero down the choice that suits you the best. There may be a few differences in the projects you see. Another builder might provide what one builder has not offered. So, look through all the projects that come under your plans and choose the best one possible to make a happier investment.
Plan for the overhead expenses too
Always calculate the overhead expenses accompanied by the cost of the property. There are a few other running costs included with the basic cost of the house. It includes the costs of registering the property, replacing fixtures and bathroom fittings, repairs if it is a used property and basic essentials in case if you are planning to rent the house. So planning all these including the budget of the property would be helpful for you to look for projects within the planned cost. So if you are planning for a 60 lakhs apartment, then all these overhead expenses should be included in the budget you plan.
Visit the site personally
From past few years, properties are either listed online or taken a virtual tour for the customers. This might be a great start for purchasing a property of your dreams, but we insist on scheduling a site visit to see what the builder actually offers you. Site visit helps you a lot in proper decision making when in doubt. So whether it is an affordable project in or luxury ones, schedule a site visit to make a potential decision for a better real estate investment.