Real estate is the world’s most reliable investment even today. For centuries, there have been fights over real estate India and property rights. Coming over to India, the investment only gets more attention because of the lucrative opportunities in the region. This is because of the major economic blooms in most of the inner cities of the country.
It’s interesting to note the various growth potentials in each city and the rising prices of real estate as well. For example, flats for sale in Thane, Mumbai, Pune and more cities except for Delhi showed great absolute growth. In fact, the rate for each square foot is rising even now.
This, in turn, shows us why major developers and investors are going for real estate Indian in a rush. Although it’s exciting to be getting into the idea of investing, there is a need to not rush in. At least, until you know a few necessary things about real estate investment, you should wait and prepare.
Why Real Estate India Investment?
A lot of people wonder why they should go for real estate investment. The answer is simple. Because it’s one of the most successful investments throughout history. Secondly, it’s not just a secure investment but rather, a growing one. To explain, let’s suppose that you buy a 2bhk apartment in Mumbai.
Since it’s an investment, you rent it out to tenants. Now, every month you’ll be receiving a substantial amount of income in the form of rent. After 12 months or the next fiscal year, the value of the property will inflate.
Consequently, this will not only increase the rent but the overall price for the real estate as well. That means it’s an investment that grows with each passing year. However, the chief drawback of this investment is the endurance and patience that you need.
Not to Rush
You can’t rush things in real estate. Similarly, you can’t back out instantly when things seem to be going down as well. That is the number one piece of advice you need to follow from even before the time you decide to invest. You can’t get into the real estate investment without having the tools of the trade with you.
Before you decide to do anything, you need to do a lot of research. That means you need to go into details that require critical analysis and decision making. As stated before, you can’t rush into things. You need to check properties all around the area you’re interested in.
Next, you need to check your investment plans and see if you’ll be able to afford the mortgages or total costs. There are a few additional costs you should keep in mind before buying property. These can include stamp duty, registration, brokerage, advocate fees and home loan processing fees.
Furthermore, it also includes tax deducted at source and society administration charges. These come under the statutory charges that amount up to almost 10% of the property value you’re looking to buy. Factor these in whenever you’re in the market and you develop an interest in the property.
Selecting the Right Property
Some people hire real estate agents to discuss the best possible options and this isn’t a wrong approach. However, if you don’t wish to involve anyone else, you can also have an understanding of selecting a good property.
Firstly, you need to see if the project is attractive.
That means that the project has a lot of open areas. Secondly, you should take into account the value of the property and calculate its appreciation. Consider the rental yield for the property in the consequent years.
Furthermore, take a look at the vicinity, the locality and the amenities that are located nearby. A good residential property or even a commercial one requires access to its occupants. But that doesn’t mean that it should be right in the middle of a busy city. You shouldn’t rule out the possibility of checking out the suburban areas of the city to find a great property.
Hire an Agent
You might be alright surveying the market on your own but eventually, you need professional help. This isn’t because you’re incapable of doing things on your own. This is to ensure that everything that can’t go wrong is handled legally and with care.
A lot of paperwork is involved in real estate India investment and you can’t possibly go through contracts and rental agreements on your own. It’s best to hire an agent and do your background checks on them to ensure that you are on top of everything.
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