Taking the decision to invest in real estate is one that is usually filled with trepidation, especially for young investors. Here are six real estate tips for young investors that will help in making the process easier:
The legality of the project – Before investing in a property, it is important to ensure that all the legal aspects of it are clear and sound. Ensure the property has the required legal approvals and the clearance certificate is valid. Enlist legal help if unsure of any aspects of the paperwork.
Builder reputation and trustworthiness – Do a complete study of the builder of the project in terms of their reputation in the market, on-time deliverability of property, reviews by other customers, etc. It is imperative that you only invest in property from a reputed builder.
Locality – A thorough study of the locality that you are planning to invest in is imperative, in terms of accessibility and connectivity to other localities in the city. The location of the project also determines future appreciation of property.
Infrastructure – The infrastructure of the area is vital, both physical (developmental works, road works, etc.) and social (healthcare institutions, educational facilities, shopping and recreation facilities, etc.).
Terminology of real estate – It is helpful to become familiar with the terms used in real estate in order to comprehend what is being said during the time of purchase. Some useful terms are carpet area, built-up area, super built-up area. Be aware that the price of a property is usually based on the super built-up area.
Budgetary concerns – It is important to make a note of your budget before you begin the quest for a property. Make an in-depth study of the market prices in your location of choice before you invest and keep in mind that there are add-on charges on the total cost of your property.