Profit is the keyword, when it comes to Investment and Investment in real estate rotates around purchase, ownership, management, rental and sale of property. It involves a lot of planning, especially because of the rapid changes in the economic scenario.
Here’s a checklist of the things you need to keep in mind:
- The Location: While buying a home, location is the most important factor. It is essential to take several factors into account. If you are to reside in a house, it becomes important to see the other factors such as propinquity to the work place, school, family and friends. No one would mind spending a few lakhs of rupees if the house were close to ones child’s school or ones office.
- The Condition of the Home: If you are buying an old house, scrutinize it carefully. No one don’t want to waste a lot of money in repairs later on.
- Nearness to leisure time areas: You may want to live in a neighborhood with parks, libraries and walking trails, local markets, shopping malls, etc. as these are the points where you can relax or have fun on daily basis and also fulfils your basic needs of life.
- Future Prospects: You can have an idea about the property by the area is going to develop by looking at the current local real estate trends. Upcoming malls and hotels are a key of the kind of development that the region is expected to undertake. The more developed an area, the more valuable your property becomes. High property values are especially useful when you want to go in for rent out or selling, so that it gives you good profit.
- Your Neighbors: Try to meet the people living in the neighborhood of the choice of your area. If they are unfriendly to the idea of having you as their neighbor, it’s likely to show in their behavior.
- Finance: You need to work out the financial implications of buying a home. You will have to decide whether which home loan, which bank at pertaining interest percentage you want to opt for to finance your property. If you already have the money, you need to work out whether investing your money in a property will affect your other expenditures in any way as you may need some for unforeseen emergencies.