Investors Clinic lists some of the important guiding steps for those who are interested in making real estate investment that will increase their chance of building wealth and lessen the risk of failure.
Property Buying is a time-consuming process. Many real estate firms promise to complete formalities overnight but you must not fall in the trap as patience can help you bag a good deal.
A real estate investment involves lots of homework as well as proper research. With a number of projects coming up in the property market, it can sometimes become confusing to choose the right one. For example, amenities on offer, history of the developer, construction quality, and location of the property are some of the important factors that play a key role in determining the returns you get on your investment. Failing to do proper research could let you regret later.
With RERA, these days a developer has to get different types of certification in order to register their project before presenting it to the buyer. Also, buying a property without clear titles can even nullify the investment. So, it’s important that a buyer must give a check to all the necessary papers and certifications beforehand and get it to authenticate by legal experts so that the property must not fall into any controversy in later stages.
Check Property Rates
Almost all the local governments provide a guidance value/circle rate to help investors know the rate of a property. Knowing this can help you track local trends so that you cannot fall prey to property dealers. Researching property rates and working out developments could help you generalize the returns you could expect in the future.
Communication with locals
Before Zeroing in on any property, it’s important that you must talk to the locales living nearby so as to get an idea and perspective of various pros and cons related to it. It will also help you in getting a clear picture of various other things like property rates and trend, infrastructural developments, etc.
Whether you want to buy a property through a loan or by paying full price, it’s important to have proper calculations of the finances so that you must not face any problem in future. While it is easy to get loans from banks, calculating the interest and EMI plan is also crucial.
Negotiate before paying
In Indian real estate, negotiation plays a key role before finalizing any property deal. It can help you save a lot of money and get additional offers like parking spaces, GST cut, furnishing etc.
The Risk Factor
Finally, before investing in any kind of property may be commercial or residential, it’s important to consider any risk factor attached to it. Hence one must ensure that the property must be clear of all the obstacles so as to avoid last minute hassles.