Property investment decisions are one of the most crucial decisions of one’s life. Hence, one should consider all the variables before making the purchase decision. Factors like location, neighborhood, availability of basic amenities, size, layout, and affordability among others influence your purchasing decision. Whether you are buying a house to live or making an investment for future the same principles apply in both the cases. The magic rule is that you need to find an accurate balance between affordability, availability, and suitability.
Here are a few steps which one should take while choosing the right property for oneself.
Make your first-hand research
The first thing that you are required to do is to make your first-hand research. Get all the possible details about the property that you are looking to invest in. Talk to people around the location, get their opinions. Locals are the best ones to tell you about the pros and cons of the property.
Check your budget
The right property becomes a nightmare the moment you can’t afford it. So before finalizing everything check your savings. Make the purchase decision only if you have enough savings and if you are planning to take a loan then make sure that you pay the loan amount on time.
How affordable is the property for you
Once decided about your borrowings then check that your repayments should not be more than 35-40% of your net monthly income. Use our mortgage affordability calculator to work out the monthly cost of your home loan. It will tell you if you are in danger of borrowing too much.
Availability & Suitability
These two are the most important factors while choosing the right property. You need to find out whether the kind of property you are looking for is available in the area that you want it or not. It’s likely that you will have to negotiate on some of your likes and dislikes so be prepared to be flexible.
Under suitability you need to weigh up multiple things:
• Is the property easily accessible?
• What all facilities are around it?
• How spacious the property is?
• How safe is it?
Future valuation of the property
If you are planning to invest in the property for the future benefits then must look into the factor that how much the property going to fetch in the future. This depends on the location you are choosing and availability of resources around your property. Also, don’t get so wrapped up in cash-on-cash return that you overlook the condition of the property.
Ready To Move or Under Construction Property
There’s always a tiff inside our mind that which is better ready to move or under construction property. This is one question that keeps troubling the homebuyers the most. However, both these property types serve and suit different purposes. Under construction properties are comparatively easier on the pocket, offer higher returns and come with are RERA compliance. While ready to move-in flats are available for an immediate shift, here you get what you see and are left out of the ambit of GST.
So check your interest first before investing in any of these properties.
Hence, now it’s clear that what all things we need to look upon while choosing the right property for ourselves. Today, builders like Techman with their projects Moti City are striving hard to fulfill all the required needs of the buyers. Their projects meet all the expectations of buyers. So what are you waiting for make your decision today!