Are you pondering over how to buy investment property in India? Do not worry as this quick investment property guide will help you find out your ideal property for investment.
There are a number of aspects that have to be taken into consideration in deciding whether a property is your ideal pick or not like location, price as well as profit expectations. As a beginner, you must release your fear of failure as it might stop you from investing altogether. As it is finely quoted “In real estate, no beginning is too small, no investment is too large.”
As a beginner you must keep in mind the following before you buy investment property in India:
Gauge the financial aspect before you buy commercial real estate
It is highly important to keep your finances in check. Precisely, determine beforehand what the budget that you can afford to invest. And if you plan to take a loan, determine the interest rates as well.
Where do you want to buy?
Do you want to buy the property in close proximity or want to go for long distance property? If you invest locally, you can keep a check on your property in case of any emergency. However, buying a long-distance property can take up a lot of time.
What comes after investing in a property is tuck-load for speculations regarding the property market. Investments are made to achieve returns in near future. Therefore, make sure to invest in a property that has a record of good growth and is popular amongst prospective tenants.
Mandatory tour of the property
Just buying a house is not the only thing to be done, inspection is mandatory as well. Investor must thoroughly inspect to get some clarity about the property. Check the appliances, floors, plumbing issues, walls as well as other features that are prone to wear and tear should be checked.
Keep aside a budget for maintenance
Save some amount for the time to time maintenance of the property. Also, the investor must always be prepared for the unexpected, as they can tolerate times of distress more easily. Go for new launches as they do not require renovation, which can save a lot of your money.However, subsequently, there has to be a budget for maintenance of a property.
A positive rental income from the very beginning:
Ensure that the outflow on renovation, loans, services and other miscellaneous expenses do not exceed the rental income.
Type of property:
Buyers have plethora of choices to make while buying a property. So, we highly advise you to make up your mind on what kind of property you desire to invest in before going on property hunting. Investors can also go for personal property, which means that you reside in it first then rent it out. Otherwise go for rental income property and you may rent it out from the very beginning.
These above points will help you in buy investment property in India.