Even though there are many real estate options, including residential, commercial, and industrial properties, to invest in, you need to be smart with your projections and decision-making before you trade in property. If you’re a beginner, here are some important tips that can help you become a master of the trade:
Understand The Right Location
If nothing else, you must take time to understand the right location as a property investor. It is so often that you’ll see some beautifully built houses are undervalued because of their unfavourable geography. So, whether you’re looking to sell the property or rent it to generate income, you must identify viable and popular locations that will be able to provide the desired yield on your investment.
As a beginner, you should look out for homes in locations that appeal to a specific target demographic. For example, purchasing homes in a good catchment area for schools and other utilities is great if you’re targeting families while locations with excellent transportation links and near a commercial hub such as 7 Plumeria Drive in Pune will appeal to the working professionals.
Know The Types of Properties
Another important thing to know before beginning with your real estate investment is to know what type of property you want to invest in. There are few different types of real estate, like residential, commercial, industrial, or mixed-use properties. Each has its own benefits and drawbacks. You can talk to experienced investors and property advisors to chalk out a financial plan to invest in different types of properties according to your risk appetite and investment capabilities.
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Learn To Stay Patient
Buying and selling a property is a time-consuming affair. You need to understand that you must remain patient after investing in a property till it generates the desired returns. Also, you should conduct proper research about the plot before putting your hard-earned money in buying it. Jumping the gun may see you purchase a land which doesn’t live up to your expectations or selling a property at a much lower price than it should fetch you.
Consider the Associated Risks
Real estate investments are typically safer than other investment avenues, but that doesn’t imply they are totally risk-free. Legal hurdles and property disputes are extremely common in India and you should ensure the property in which you’re willing to invest, is clear of any legal complexities so as to avoid any hassles in the future.
Seek Mortgage Loans
There are several ways to finance your real estate investment. Financial advisors will often recommend you seek mortgage loans against your property, to keep more money in your hands and utilise the funds wisely to invest in more than one real estate avenue. This way, you can also acquire properties which otherwise you could not afford, and stockpile an appropriately-sized emergency fund to tackle any unforeseen situation in the future.
Apart from these tips, it’s wise to connect with and seek advice from experienced players in the real estate market, so as to learn a lot about the tricks of the trade. For any other assistance from finding the right location, visiting the property sites, availing a loan to assembling the documents, home loans by Bajaj Housing Finance Limited can help you do it all without any hassles.