Investment in real estate is very tricky & needs a lot of expertise. We know so many investors who burn their hand after investing in real estate. But before investing such kind of properties we have to do proper research about project, developer, required permission of projects & so many other things.
We are going to discuss few criteria which will helps to select such kind of properties where your investment will be safe.
1 – Identify your requirement:
Whenever you plan to invest in any property, before that you have to identify your need otherwise you can be stuck in such kind of property which will not match your requirement, but due to your friend’s suggestion or due to impressed by promotion or else you bought & stuck.
Some criteria to identify your requirement:
1-Purpose of investment- Like rental income, get some profit & exit etc.
- What is your budget? – This is most important factor in any kind of investment. You have to work on your financials source like you will invest by self or you have to go with bank loan option etc.
- Investment tenure- Most of the time we didn’t think much over it & latter on we feel stuck. SO it better to decide your investment tenure before investing.
2- Hire a property consultant-
Once you identify your requirement then you have to hire a property consultant. Who will help to find property as per your requirement. A qualified property consultant will work on behalf of you & select some properties as per your need. Most of the times we notice that people don’t even talk with property consultant. Which is wrong. In fact, in our country most of the times property consultant don’t charge for their services. They only paid by developer once you buy property.
3- Select Location-
Once you identify your requirement, then select location where you want to invest. Else you will be tired to search & visit property here & there. It is one of the most important criteria which will impact your investment in future. As everyone says location is the key factor for investment in property.
4- Connectivity-
Once we finalize location, then again we have to look about connectivity. If transportation is easy then always your property will be in demand. Now a day we don’t have to look only road connectivity also we have to check highways, metro, rail & airport connectivity too.
5- Shortlist properties-
Once you go through location & connectivity then you have to shortlist at least 3-4 properties. So that you can compare project layout, floor plan & negotiate price with developer in better manner.
Before finalizing any property, you have to do some pre search about property: –
- Developer track record
- All required permissions about project
- Developer’s financial situation
- Developer’s Previous projects maintenance
- Bank finance availability
- Available Payment plan
- Project layout
