Considering the financial implications of investing in real estate, it is natural for potential investors to have a myriad of questions creating a storm inside their heads. The biggest questions that worry a buyer’s mind is the budget and whether or not the asset in question meets one’s needs and requirements.
To simplify the buying process, this basic guide should help in factor in all major considerations that help ensure the purchase of the best and most lucrative asset possible.
Gaining Clarity on your Personal Goals
After having arrived at the decision to invest in property, it is important that you perform a basic research on the market sentiments. This will help you set realistic expectations from the properties you end up short listing.
1. How much do you intend to spend?
2. What is the purpose of your purchase, personal use or investment?
3. Where the property you are looking at located? Is it in a new apartment complex or an independent housing society?
4. What is the expected time period the developers are committing to complete the construction?
Developing an Investor’s Foresight
When you are assessing investment opportunities in real estate, you will notice that some areas stand out more than the others. It is best to get in touch with experts from within the industry and other buyers who are in different stages of research to get an idea on areas that exhibit maximum potential in the future. This way, you will be able to benefit from a lower square foot rate and a higher price appreciation in the long run.
Other benefits of investing in upcoming localities include;
1. A chance to enjoy living environments that are planned better. This means that the area you move to will have wider roads, better connectivity and newer homes with use of modern techniques in design and planning.
2. Furthermore, local governments are constantly encouraging the growth of industries, educational institutions, healthcare facilities and shopping centres in this area. This means that enhanced infrastructure is available to residents only a walking distance away!
However, as an investor it is important for you to gauge whether you notice a unanimous interest in a particular area among various construction and infrastructure development companies. If the project you are considering to put your money in is among the extremely few that are coming up in the area, reaping benefits may take decades.
Assessing the Size of your Investment
There are a number of projects across cities that revolve around the development of
3 BHK apartments with a size that ranges between 180 and 2000 square feet. Consequently, considering that the inflation is at about 10%, construction material costs are constantly going up. This has resulted in a buyer trend of investments that range between 1400 and 1600 square feet.
However, selecting the size of your investment involves various other considerations. All in all, making the right purchase with highest potential involves critical research and a lot of patience.