The Commandments of Real Estate Investment
In the world of real estate investment, though the liquidity is very low, the rewards are high. This is especially true when you choose to invest wisely and in the right property. When you decide to put your money in real estate investment in India, particularly in the residential market, there are a lot of things that you need to be careful about. A set of the best tricks in the trade can ensure that you have a secure property investment. Here is a list of things that you should follow in buying a house apart from picking the right location for the house:
Check the Valuation: When you look at buying property from an investor’s perspective, you will realise that checking the valuation of the property will give you a good idea of how worthy your investment is. Even if you look for flats for sale in Mumbai for your personal use, the process of checking the valuation will help you understand the finer details of things like the financing that you may need while buying the property. There are various financial institutions that offer property loans with interest rates ranging from 7- 8%. Property valuation can help you understand the eligibility of loan for the property of your choice and also which institutes can offer the loan to you.
Property Insurance: In the modern times, the importance of insurance in different arenas of life cannot be stressed enough. With the cost of living increasing, it is becoming more and more important to invest in a policy for even the home that you buy. Even before making a property purchase decision, it is important to know whether your property can be covered under insurance and how well protected your investment may be. It is natural that new flats for sale in Mumbai may be better protected by insurance, which is why it is wiser to invest in new projects or under construction projects to be sure about better protection.
Comparison of Properties: Buying a house is no feat, especially in a city like Mumbai where you are likely to find all sorts of property options, the good, the bad and the ugly. Before you choose to finally put your money in a house you need to compare various properties from different aspects. Some of the things that you need to check in property comparison is expected rate of appreciation, rent-ability of the property to check whether there is a scope for extra income and saleability of the house. If you are buying a house for resale it is essential to know whether you are likely to strike a good sale and receive better returns.
Learn about loans: In the process of real estate investment in India, it is most important to learn about the different kinds of home loans that you can avail and how they are different from each other. With the fierce competition among home loan providers, it is possible to get a good bargain in your loan interest rate. With so many lending institutions you can decide the kind of loan you want to take and the interest rate that suits your financial position the most.
When you have the basics of home buying sorted, you can make the most of your investment even if it is a 1 BHK flat in Mumbai.