Investing in real estate can be a tricky job especially because it involves a significant amount of money. However, if done wisely, it can prove to be quite profitable. To make sure you are making the right decision, it is important to consider some factors that affect the profitability of the investment.
Some important factors to consider before choosing a piece of property:
Value of the Property
Checking the value of the property should be done foremost. You can take help of professionals or conduct a thorough research online to see if you are being quoted the market value of the said property. Checking the prices of similar properties having the same specifications also gives you a fair idea of whether it is a good deal or not. For example, if you are planning to buy flats near EM bypass, you have an upper hand while making the deal if you know the price of the properties in the surrounding areas. Also, consider the resale value of the property in case you plan to sell it in the future.
Affordability or Budget
Before short listing a property it is wise to calculate your own budget and plan your spending. Keeping a budget range in mind after planning your finances makes it easier to pay EMIs as well if you undertake this form of payment. It is best if EMIs do not exceed 40% of your monthly income.
Credibility of the Builders
The next factor that must be considered is the reputation of the builders and the agents associated with the property. You can check their previous projects and consider their delivery track record. With the world powered by technology, you can get a vast amount of information on the internet including reviews and other information about the developers, agents, and companies. To avoid being duped, avoid investing your hard earned money blindly. Trustworthiness of a builder is an extremely important factor to be considered.
Range of Amenities being Offered
If the property you are buying is to be your new home then go through the list of amenities being offered and if they are enough for a comfortable living experience. Amenities add to the value of the property while accommodating all your needs for a lifestyle you wish to have.
Quality of Materials Used for Construction
The quality of raw materials, proper ventilation and lighting, etc., ensures you are able to live a comfortable lifestyle after moving in. Also, poor quality construction means you will have to spend additional money on repairs after a few months or years. Visit the site frequently to see if the materials being used are of the quality mentioned in the project details.
Convenience of Location and Connectivity
If the property is in a prime location, its value will grow with time. Also, if the area surrounding the property is undergoing development, there is a chance that its valuation will increase after it is fully urbanized. Apart from this, proper connectivity and well-developed roads around the property makes it a convenient and comfortable home.
If you select a property after considering the above factors there is a higher chance that you will be able to eliminate unfavourable options from the number of choices presented to you. Thus, think well so that you choose well.