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SMART TIPS TO MAKE THE MOST OF YOUR INVESTMENT IN REAL ESTATE
Use best practices and smart tips in buying property and emerge as a winner with a smile on your face and cash still in your bank account.
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1. SELECT THE RIGHT REAL ESTATE AGENT
It is extremely essential to research and select the right real estate agent which can make all the difference when it comes to finding either your dream home or office space/shop to your business and negotiating the best price.
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2. SEARCH SOCIAL MEDIA
Social media is a great resource searching property just sitting at your home. It helps you to analyse the reviews of other buyers and various properties in the same location.
3. RESEARCH GOVT. SCHEMES
Govt. is offering many schemes to support first time home buyers such as Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana (PMAY). Under it, the central government offers interest subsidy on home loans. It is important to research all such schemes and take advantage of it.
4. SELECTION OF RESIDENTIAL PROPERTY
Buying a house just based on your emotions is not right. If you fall in love with paint, colour etc. and make the decision on that basis is not right rather try to recognise that you are buying the house based on your requirement for a good value. Therefore, it is very important to stay calm and wise while making any decision. Buying ready to move in property is better than under-construction property in the current market environment but in the case of the reputed builder, there is no harm in purchasing premium property at an extremely attractive price.
5. SELECTION OF COMMERCIAL PROPERTY
There are many options of commercial property in the market such as studio apartment, lockable and non-lockable office space and retail shops. Before buying any property, ponder over your purpose, if you are just an investor select non-lockable space because non-lockable space is available in the market with 10%-12% assured return post possession. If you are an end-user but require that space after sometimes such as after retirement, then buy lockable space with assured return till possession. If you want to do your business immediately, go for ready to move in option.
6. GO THROUGH ALL SPECIFICATIONS, VASTU COMPLIANCE AND AREA
While buying a house several terms like super area, built-up area and carpet area mentioned by developer cause confusion. They may not appear very different but there is a big difference between carpet area and super area. So it is very important to understand these terms before buying. Apart from that go through all the specifications of that property as it creates a big difference in costing the property. Vastu compliance is also very significant for positivity and growth, therefore always check the layout while buying commercial as well as residential property.
7. SELECTION OF RIGHT LOCATION
Neighbourhood also has a great significance if you are buying a property, if you are buying an apartment, do research nearby schools, hospitals, pharmacy, means of transport grocery stores etc. Do look into the crime statistics of that area.
If you are buying any commercial property research about the buying capacity of the people in that area, the demand for your product in that location etc.
8. GO THROUGH ALL COSTS BEFORE INITIATING HOME BUYING PROCESS
Most of the buyer concentrate on basic cost but there are many out-of-pocket expenses and plenty of other fees required for a property purchase that you should be aware of before initiating the process. You should also calculate your closing cost and this will help you to set your budget. Closing cost in case of resale property includes registration charges and some other govt. charges and real estate agent’s commission while in case of fresh property from builder closing cost includes various charges like transfer charges, possession charges, registration charges etc. If you know these charges you can negotiate with your buyer or developer before finalising the deal.
9. Consolidation of funds
Figure out how much money can be arranged for the down payment and try to assess the eligibility for a loan. Bigger the down payment means lessor EMI which means less stress on your monthly budget. If you are going for a home loan, you can have tax benefits on your loan that will also help you to manage your funds.
10. Pre-approve your home loan
Getting your loan pre-approved mean financial institution has looked at your all financial information that gives an idea of how much they can lend you. It means you understand your loan affordability. Having pre-approved home loan means saving a lot of time and energy, as you will look for property within your budget and you can have the best deal in terms of interest. There is generally two types of interest rate loans.
Fixed interest rate loan which can give you stability.
Floating interest rate loan which gives you the ability to adjust with a prevailing interest rate which means when interest rates are going down, it will be beneficial to you but when the rate is increasing you have to pay a higher monthly instalment.
But at the same time, keep in mind pre-approved loan is valid for 6-8 months so you have to finalise the property within that period
Guidance and tips to buy a commercial and residential property in India will assist you to buy the right property to create value for your investment. Right tips can help the buyer to get the maximum return on their investment. In today’s market buyer have to do a lot of research to find the bargains in the market because the market is flooding with inventories. Such a scenario makes it a buyer’s market but at the same time it is difficult to pick the best bargain. Do follow the tips and use best practices in buying property and emerge as a winner with a smile on your face and best property ownership.
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