Property is a major asset that is known to be a great investment. This asset has the potential for growth and good returns. However, it all depends upon the right property because a single mistake can easily keep you in more losses than profit.
A hiccup in a property purchased can easily create stress and leave you with a heartache since we invest all our savings in it. Here we will discuss some factors that you should keep in mind before you finalize about investing in a property.
Choosing the right property is also necessary for your portfolio.
Factors to keep in mind:
- Keep into consideration the property growth
The most important factor is to look at capital growth. So while browsing for the property consider the areas that have scope for growth. Explore the neighbourhood and compare it with nearby areas or the place you are living in presently.
Research and talk to people already residing in that area, explore and see the infrastructure, the builder is offering and nearby surroundings.
- Know the location
It is always advisable to invest in the area that you are already aware of. However, if you are unfamiliar with the area, do a thorough study about it. What kind of resident it is, about the water supply, how well connected it is with different modes of transportation, Availability of services and what are its vacancy rates.
Having proper knowledge about the area can work in your favour, any kind of drawback can be a big disadvantage for you and can save you from future problems.
- Buy a property that is easy to maintain
If you are on a tight budget, it will not be wise to invest in a property that is expensive to buy and maintain afterward. This is where it is very essential to choose the property that brings more returns. A property that is expensive to maintain can become difficult to hold onto.
- Keep an eye on the future
Research a little about what authorities have a plan for the area or property. Most authorities keep this information updated on their website, but it is very important to know how much prior planning has been implemented, this will let you know whether the authorities in that property are active or not.
It is always important to observe what kind of property surrounds or will be available in the future, in the particular area you are looking to invest in, such as a market place, metro lines, schools, or entertainment hubs.
- Choose a property that is low to maintain
Pick a residential property that comes with facilities that are low to maintain. Like if you buy a house with a pool and lawn, it will require constant care and will incur monthly expenses as well. In contrast go for a property that is easy to maintain, like buying a flat.
An apartment usually comes within built-in parks, gyms and pool, for instance, many cities like Noida are providing townships that come with luxurious facilities. With ATS, their well-developed township Pristine Phase II, you can expect luxurious facilities that are easy to maintain.
- Choose a property that comes with the opportunity of active renting
Go for the location that is great in demand for renting purposes also. Like many people prefer to rent out in Noida and Gurgaon to limit the travelling to and from the office. For the investment purpose, it is always good to later rent it out to have a constant income in hand.
To sum up
Picking the right property is very essential. It is always advisable to research and hold a proper knowledge about the area you are investing in. The property should come with facilities such as hospitals and proper transportation to avoid any unnecessary hassles later.
