Today, real estate in India is growing at a phenomenal pace with options to buy, sell, and rent properties in India. The boom in Indian Real Estate is being observed in the real estate of not only domestic property but also commercial properties.
Whether you are a first-time property buyer buying a second home or an expert real estate investor, buying a home, it can be a totally different experience. People today are the smart buyers or investors they create their own checklist for things to consider before buying a property.
Buying a property or making any investment takes a lot of efforts to reach a wise decision. This decision is like building a long-term wealth, so it requires a lot of time to finally determine what factors you need to consider before making a final choice.
Every property buyer knows that they have to set a particular budget range and stick to the price range so that you can know how much you can afford the property.
Since there are multiple check-lists floating around on the internet of investing in a property, this article will cover essential points, and dwell on the more practical and real ones.
Five Things to consider before buying a Property
This is the most crucial aspect to be considered before making any kind of investment in property. You need to keep a check on all your income, expenses, and savings to reach a sage decision. Remember that your first property will seldom be your final property, so think while having a farsighted view.
You should guarantee that the property you are getting will satisfy your present needs and be within your budget. As a property buyer, understanding your family’s present major needs will help you make the right decision. There must be a proper budget planned to keep aside all your miscellaneous expenses and then taking a huge leap.
Have an eagle’s eye view while deciding on the location factor. This factor is directly proportional to your Budget. It is better to try a place adjacent to the prime location of your city so that the price is not that high. The location will also have a large impact on the resale value of your home.
- GOOD RESALE VALUE:
Resale sale Value is an important thing to be considered before investing or buying a property. They make the mistake of focusing solely on a prime locality or the budget of the property. If you choose the wrong property or location, it is possible that your future sales price will always be less than the other properties around it.
Connectivity plays a vital role in boosting your property’s resale price or attracting tenants. Ensure that the property is located in an ideal location with good connectivity. Investing in property from where all the basic amenities could be accessed would be the perfect location. Having proper transportation facilities available near to the location you have chosen is the basic factor anyone should look for.
- ADDITIONAL COSTS:
Even if this isn’t your first investment, you will want to get help from a team of professionals. Fees or service charged by real estate agents, lenders or mortgage brokers, home inspector, land surveyor, lawyer or notary etc. should be considered.
Find out how much is the maintenance charge. Considering this factor is important as well because it is a part of your budget planning and all your expenses should not exceed the allocated budget.
Taking into consideration all the other factors like Tax Planning, Insurance, Legal Advice if required, and other neighbourhood amenities including proper sewage and drainage facilities a final decision should be made sense, it is a long-term investment of your wealth.
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