Prestige Misty Waters and Brigade Buena Vista are excellent residential properties in Bangalore. Buying a house is a critical financial decision that could utilize a vast chunk of your savings. Here is how you can ensure you get maximum returns from your purchase.
Buying a house is a crucial decision in your life. After all, it is a considerable investment that requires a financial commitment from you and your family. Apart from employing your savings, you may have to finance a certain amount to conclude the deal. Since it is such a significant investment, it is only fair to plan to maximize your returns. Real estate is booming in Bangalore and buyers are actively seeking good deals in properties like Prestige Misty Waters and Brigade Buena Vista. Here is how you can make it a profitable investment.
Evaluate your investment horizon
Whether you are searching for flats for sale in Bangalore or villas in Bangalore, you will realize that there is an abundant supply in the market. However, the Indian real estate sector is largely driven by demand from end users. It is hard to predict the ups and downs in the industry. Buyers are becoming aware of other asset classes that may give better returns. In this scenario, you may have to hold your property for some time before you can observe some real appreciation. It is advisable to invest in a house if you have an investment horizon of at least 5 years. This holds whether you want to buy it as an investment or for your use.
Explore your choices
Before you begin searching for flats for sale in Bangalore, you may want to evaluate if renting out is better than buying a house. Rentals are generally more affordable while EMIs may strain your finances. For example, you may have to pay Rs. 30,000-Rs. 50,000 to rent a villa in Bangalore. However, your EMI may run into Rs. 80,000-Rs. 1,00,000 if you choose to buy it instead. Your investment could inhibit you from moving to other cities for better job prospects. It is advisable to analyze all these aspects before you take the plunge.
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Take stock of your finances
It is easy to finance your property, and one may avail home loans up to 3.5 crores at Bajaj Housing Finance Limited. It is suggested to set your budget before you start searching flats for sale in Bangalore. Evaluate the down payment that you can manage before investing in lucrative properties such as Prestige Misty Waters or Brigade Buena Vista. With a bigger portion of down payment, you can lower your EMIs and financial burden. You may get tempted to withdraw some amount from your savings pool for this purpose. However, it is not advisable to dip into your savings meant for essential goals like your retirement fund.
Do your homework
A house is a huge investment and many a time, the property may be as good as the builder. It is thus a good idea to research builders before you finalize a property. Some projects like Prestige Misty Waters and Brigade Buena Vista are good and have received rave reviews from the customers. However, there may be several others with potential problems looming over them. You have the option of hiring a real estate agent to get an expert’s advice on the matter.
Prepare yourself for the loan
It is a good idea to compare home loan interest rates and other charges across various lenders as you start looking for flats for sale in Bangalore. You can use the real estate rate of return calculator to understand potential EMIs. Experts say that EMIs must be around 30% of your net income so that you can comfortably repay them. You may also want to understand the loan amount you are eligible to set a realistic budget. It is recommended to settle for a smaller house instead of compromising on other financial goals like your children’s education.
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Explore commercial properties
You may look at commercial real estate if an investment is your main priority. In a city like Bangalore which is home to thousands of companies, it may be a more practical option. To get maximum returns, you may invest in Grade A asset classes and look for long-term rental agreements.
Buying a house is a significant investment. Considering the market conditions and your financial capability can make it a profitable transaction. Further, easy loans from Bajaj Housing Finance Limited can provide you with funding to make this dream a possibility.