For us Indians, investing in real estate is usually an extremely significant decision as it signifies that you have arrived in life and finally settled down. Here are the six important real estate factors you absolutely should consider before investing in property:
Legality – The first step before investing in property is to check the legalities of the property you are interested in. It is imperative that the property has all the requisite government approvals. It is important to read the fine print on all the documentation and thoroughly check the clearance certificate as well as other documents.
Location and infrastructure – The location of the project will determine its appreciation in the coming future. Also, you have to check the accessibility and connectivity to other localities as well as employment hubs, healthcare and educational institutions, etc.
Builder reputation – This is a vital aspect of investing in real estate. Make a thorough study of the builder via customer reviews and speaking to other buyers to ascertain if the builder delivers on time and on the quality of the builder’s projects and always invest in a project by a reputed builder.
Awareness of terminology used – It is extremely helpful to be knowledgeable about the terminology used in real estate such as built-up area, super built-up area, and carpet area. The price of a property is generally calculated on the super built-up area.
Amenities provided – Study the available amenities in the project to see if they are up to your standards and meet all your needs and requirements.
Financial considerations – It is important to have a budget in mind before you begin looking for property to invest in. Study the market prices in the location you are interested in and remember that there are add-on charges on the property which will be calculated at the time of sale.