Real estate is an excellent investment avenue that can yield good returns in the long run. Investing in property calls for a huge investment of capital and most first-time investors rely on bank loans to fund their investment. A home loan is a long-term commitment and the EMIs need to be paid without fail. As a beginner looking to invest in real estate, there are many precautions that need to be taken, in order to ensure that the investment is worthwhile and generates attractive returns. The following are some of the factors you need to keep in mind if you are a first-time investor in real estate:
Decisions regarding property must be well thought-out. The process of purchasing property can be time-consuming and long drawn out. If it is an ongoing project, you need to be ready to wait until the end of construction; sometimes it may take longer than expected.
You need to be willing to wait it out until the value appreciates before you sell your property.
Research the Property
Buying property is a major financial decision calling for large investment. It is important to do your research about the various real estate options before you. You need to find out about the reliability and financial stability of the builder. The location needs to be chosen with care. You need to find out about the rentals that the house can generate in the future and the development projects that are coming up in the locality. The various amenities that the builder is offering should also be considered. Prices should be compared with similar properties in the same location.
Check the Papers
It is critical to check the documents related to the property that you propose to buy. You need to check that the property holds clear title. It is advisable to get the papers checked by your lawyer before you sign on the dotted lines.
Must Read: Tips For First Time Home Buyers
Have a Firm Grip Over Your Finances
It is important to have a clear idea about the finance that you have at your disposal and the amount that you can cough up from the bank. You need to have a fair idea about the EMIs that you can comfortably afford. Make sure that the property you propose to buy fits into your budget.
In real estate deals, it is important to negotiate with the builder or seller. Negotiation can fetch you a better deal. You should also make sure that you are getting all the facilities that you have been promised at the time of purchase.
If you are looking for property in Mumbai that is affordable and likely to appreciate in future, Dosti West County will be a good option. The Dosti group has built a reputation for offering good quality housing with world class amenities. Dosti West County is coming up in Balkum, Thane West and property prices here are expected to appreciate in future.
Another property worth considering is Kalpataru Paramount located at Kapurbawdi in Thane. Thane has been identified as one of the most promising places for real estate investment in Mumbai.
If you are looking for personalised services in choosing a property, availing a loan and in getting the documentation in place, home loans by Bajaj Housing Finance Limited are ideal for you, especially with in-person assistance.