Every Indian aspires to have a house of their own. Since the early 60’s and 70’s Indian movies have ingrained the desire to own a home in us. A good example will be the hit movie “3 idiots”, you can see how the character Chatur takes immense pride in having a house in the US. Even today as per the general mentality, if you stay in a tier 1 city, people do tend to ask you about your living situation, whether you own or rent a house. In case you are looking to own a home or buy a property for investment purpose, here are a few key facts that you should consider as real estate requires huge investments and even a small mistake could lead to financial loss.
Site? - Property Location
Location plays a vital role in real estate. It is crucial that the property is well connected to railway stations, metro stations, markets, schools, hospitals, etc. The ROI and rental income for properties that have easy accessibility and close vicinity to basic amenities are high. A developing area with great growth potential is also a good long-term investment opportunity as it gives certainty of appreciation for the property value.
Kind? - Property type
The investors do have a choice of investing in either under-construction projects or ready-to-move-in projects. Opting for a ready-to-move-in project helps you save on the rent, the rent amount gets converted to EMI for the property which gradually adds up as your payment for the property whereas if you opt for an under-construction property, the sale value is less hence you pay less and also enjoy various tax benefits. Hence before investing it is important that you know the property type.
Motive? - Reason to invest
Objective plays a very important role when investing in real estate. When evaluating investment properties, one needs to keep the investment goals in mind. In case you are looking for long-term investments at low cost, try investing in an upcoming, developing area that provides capital appreciation while buying a property for renting out, close proximity to basic amenities could give good returns.
Who? - The Developer
Going for a reputed or known builder/ Developer is advisable. In case the property developer is not very known, proper research on the developer needs to be done like details of his past projects, was the project delivered on time, and if the project is registered under RERA. The credibility of the developer is very important as a heavy investment is involved.
Make sure to focus on good returns when investing in real estate. Picking the right property with proper research and planning is advisable.
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