Investing in real estate is one of the best ways to build the wealth, however, it needs a good plan and more research. Here are the primary tips on how to go about while buying a residential property:
1. Find Out Why You are Buying the Property
- Investment or Living? Consider whether the target is to secure appreciation of capital, income through rent or buy a house to live in.
- If the purpose is investment, target the properties that are in developing regions with better scope of growth.
2. Make Sure Your Target is Well Defined
- In case of a down payment, loan eligibility, targets should be set. Do not put up a house on sale awaiting new buyers before finalising the agreement.
- Sources of Fund:
- Loan from the Bank: It is important to have a favourable CIBIL rating and remember that loans usually cover around 80 to 85 % of the property’s total cost.
- Self Financing: At least up front 40% of the cost of the property should be there.
3. Choose a Reputable and Experienced Real Estate Consultant
- Considering the area, the advisor you take should have thorough knowledge and understanding of the client requirements as well.
- Do not work with people who sell you properties without proper consideration of all the factors and clients requirements.
4. Property Categories and Their Trends Do Play a Role in the Purchase
- Ensure you opt for properties that are less inclined towards buyers, middle level in story apartments and property with normal design are better choices.
- Investigate the previous work of the builder in depth for properties that are not yet complete.
5. Have Mechanisms in Place to Assess Your Self Use Requirements
- Age Group:
- Younger Than 40: This category would include people who would wish to live near schools and places of work or maybe some shopping malls treatment amenities as well as sports complexes.
- Older than 60: More consideration is placed on medical treatment facilities, vegetation, as well as the ease to access different parts of the city.
- Family Size: Depending on the needs of your family or the size of your family, select the appropriate type of unit such as a self containing apartment or an independent villa. Do not take hasty decisions that land you in high costs of maintenance.
6. New Homes vs The Older Structures
- New homes have the benefit of one occupying them as soon as they are ready for occupation while large but cheaper homes still have to be built.
- Whenever considering the option of an under construction property, get the facts about the history of the builder and make confirmations by inspecting their previous work.
7. Do Not Rely On Sentiments While Making A Purchase
- Never purchase a property because someone has instructed to buy it, like a friend or a family member who resides in it. Second thought are very necessary in doing so with respect to location of the targeted asset, the budget set for the purchase, and available facilities.
For more information about Dream Location and to search your dream property, please visit Dream Location on Google Map. Contact us today to know more about the best real estate deals in Delhi and North India; we will connect you to the right property investment.