The real estate orbit in India is extremely widespread and encapsulates interests of varying age groups of people. One of the most commonly asked questions while investing in the real estate property is how to get started.
Making an entry into the vast and limitless world of the Indian realty market might seem to be quite intimidating both for the developers and the buyers.
A clever investment has the prospective of changing our lives, offering us adequate assets to live our dreams. Amongst the various investment portfolios that comprise like gold, stocks, various government schemes and bonds, the most underestimated or rather overlooked investment in current times remains to be the property segment.
Taking into consideration the huge economic boom in most Indian cities, the average income of the buyer has augmented, providing us an additional motivation to capitalise for the future, and real estate proves to be the most perfect investment option.
Dream Home
The demand and value for prime real estate will never fade away, hence it is a great move to invest in this arena. Moreover, the returns derived from this sector is far higher than the old-style investment options. Possessing a home in the choicest location is a dream come true for anyone and accomplishment of the dream not only lends you an emotional connect, but also a financial joy. Given the unavailability yet high demand of land in cities across the country, investing even in a small flat is sure to offer you returns, either in the form of rental revenue or by retailing it to gain profit.
Taking into consideration the gamut of real estate benefits, there is a high possibility for a beginner or someone who has no prior real estate experience or knowledge to get easily carried away by the extent of profits involved in real estate investment.
Buying a property is the most crucial decision an investor takes, since it involves the investment of his life-time savings. Browse through the below mentioned tips that is sure to help beginners learn the tactics of building wealth through the property segment in India.
Points to take into consideration for first-time buyers before investing in real estate purchase
Research: Once the intent to purchase and a broad budget for investment have been established, then research becomes extremely imperative. Look for all project information, price points, competitive pricing, upcoming infrastructure and development plans of regions. Then direct your property purchase based on your purchasing power and the best locations fitting in your budget.
Freeze on an action plan: Beginners new to the world of property, should first fix on the type of realty investment they want to venture into and why. Prepare an effective action plan so that it becomes easier for you to envision your investment plans.
Growth of capital: The most fundamental point when you are looking at investing in a property is to consider the capital growth. You need to analyse each area to look if there is any future potential for growth and development. Also do a research on the market trends to study if there is a chance of property prices increasing in the coming years.
Location factor: The location factor is something you cannot afford to miss while deciding on a property. The location of the property must be well-connected to all parts of the city and should also host schools, colleges, health care institutions and social infrastructure facilities in the vicinity.
Should include all world-class amenities: First-time buyers investing in realty should take time to do a proper recce of the property before purchasing it. Not just the location but the property must equally be appealing in terms of the amenities it offers.
The property should be all-inclusive of recreational amenities like clubhouses, podium, parking facilities, gardens, landscapes, badminton courts, meditation centres and swimming pool to name a few.
Tips for festive real estate purchase: Festive season is the best time around which most buyers plan to invest in properties to avail benefits being provided by developers. Buyers investing for the first time should not get carried away with the gamut of discounts offered during the purchase.
One should prudently plan one’s purchase. While making a festive real estate property, buyers should do a proper research of various festive schemes that are being offered to them, cross-check the authenticity and reliability of these offers and read all the property-related documents judiciously to avoid any kind of miscommunication. Much before the onset of the festive season, buyers need to consider these points so that they can get all the benefits.
Stay calm and patient: The process of purchasing a property is a time-consuming affair with property transactions taking days to be complete. Don’t take hasty decisions, by exhibiting patience you can avail a good deal. Refrain from jumping the gun, it might land you paying more for the property or invest in one that is nowhere close to your expectations. Last but not the least, a complete due diligence on your finalised project should be done, prior to any monetary exchange. To further understand the nuances of property purchase, one can engage the services of a channel partner who will help you in deciding a property and hand hold you during the entire purchase cycle.
Capitalising in the vast sphere of property is definitely a sound investment, but it’s always better for buyers to get familiar about the space before diving in. First-time buyers arm yourself with these handy tips which will surely transform your real estate expedition into a worthwhile one.
(The writer is CMD, EKTA World)
Published 02 April 2017, 17:48 IST