Dream Home or Biggest Investment – how would you like to describe your property purchase? Well, you can choose any of two according to what you want to glorify – your gain or your sacrifice. However, they are closely linked as no pain means no gain.
But what if you invest a fortune that you have painstakingly saved at the expense of your materialistic comfort only to find out that the end product is not up to your dream and demands? Painful it is, isn’t it?
Real estate investment is tricky, especially for the first-time buyers. The challenge gets bigger if you have limited budget. India’s real estate market now presents a wide variety of choices including land, small to spacious apartments, villas and commercial spaces. But which of these types will fit your needs and budget?
According to experts, the potential buyers should conduct some background research and market survey before accepting a property deal. Followings are some most important factors that you should consider before investing in a real estate property.
Choose a Good Location
Start with choosing a location that you feel ideal and interesting. There are various reasons for choosing a particular city or town for property purchase. You may feel an emotional connection to the city or you earn bread and butter here.
Location plays a role in determining property value. Properties situated at the heart of the city are very expensive as these offer every type of necessities and luxury you can imagine. If you prefer a modern lifestyle and transport facilities, go ahead with your choice from the best affordable apartments that come within your budget.
But if you want to experience a tranquil ambience far away from the hustle-bustle of the city life, choose a property on the fringes of the city. The reputed real estate companies Kolkata are now investing in projects both at the heart of the city and on its suburbs.
Evaluate Your Budget
Once you are done with deciding the location, it is now time to find out how much you can afford to buy a property. For the first-time home buyers, it makes sense to consult a qualified, experienced and trusted financial advisor about loan eligibility and other relevant criteria.
After you have assessed your budget, explore available options that come within your budget limit. It is a challenge to make a choice which resonances with your vision and definition of comfort and luxury without dropping a big ‘COST’ bomb upon you. It is all about choosing the right property that will offer the optimum level of satisfaction subject to your pre-assessed budget.
Starting small is a better idea as going beyond your budget limit can attract huge financial responsibility in future. Make sure to include additional expenses such as, registration charges, interior styling, furniture, tax etc while analysing your real estate budget.
Know Your Real Estate Market
Real estate industry is full of sharks that make unsuspecting investors their easy ‘PREY’. Therefore, instead of relying on gimmicks, conduct an in-depth analysis of the current market trends.
Updated information about prevailing market trends, price, development and interest rates will help you understand the current market condition and plan accordingly. If property prices in a certain area are soaring high, it is wise to invest soon to reap a high ROI on investment.
A locality may house different types of properties in terms of facilities and prices. Find out the advantages and disadvantages of each of these as it will help you compare the properties.
Never trust a broker blindly; rather meet a certified property advisor for a second opinion before signing any deal. Check the legal clearances when investing in a property, otherwise you might end up landing in trouble.
Real estate rules keep changing and so, you should stay updated on the necessary legal formalities.
Assess Your Needs
It is one of those factors that most property buyers tend to overlook. It is important for you to assess what you actually want to do with your property purchase. Not all have same intensions behind investment. For some, it is a dream to buy a home whereas some others may consider it a profitable investment.
Property buyers have some aspirations and expectations from a new property especially if it is built by one of the real estate builders in Kolkata. These usually include having a roomy living space, play area, garden and security and many more. Most of the gated villas and modern apartments offer a range of contemporary amenities to improve your living experience.