New Delhi. Investing money in property is always considered a profitable deal all over the world. It has also proved itself to be an excellent investment option by giving reliable returns to crores of people from time to time. Be it land, flat or a shop, their price keeps increasing. But this is the story of those who chose the right property at the right time. On the other hand, there are many people who buy property hastily or without knowledge and later regret it. The truth is that there is money in property, but the one who earns money is the one who adopts all the methods and tricks of this market.
Buying property is not just a matter of money, but a game of thinking which can decide your entire financial life in the future. Just imagine, a property whose location is not right, whose documents are not clean, where there are no necessary facilities, can it ever give you profit? Probably not. This is why if you also want to step into this world and want every step to benefit you, then it is important to take some basic rules to heart.
Location
The first and most important thing is location. If even the most beautiful property in the world is in the wrong place then its future is not bright at all. In areas where there are schools, hospitals, parks, markets and commuting facilities, property grows rapidly. Therefore, while buying a property, definitely check its location. Check what is the pace of development of that area. Which roads are going to be built, which new projects are coming up, what are the possibilities of building a metro line or any big institution. All these things decide the price of the property in the coming years.
Developer Reputation
If you are buying a property in a housing society built by a developer, then definitely find out about the reputation of that developer. Always buy property only in societies developed by renowned developers. A good developer means timely delivery, good quality construction and clean documentation. At the same time, a weak developer can create problems like delays, disputes and poor construction. Therefore, before investing money in any society or project, it is important to understand what the reputation of the developer is in the market. Never trust just seeing an advertisement.
The title should be absolutely clear
Whether you are buying a flat or a plot, definitely find out about its legal status. Be it a plot or a flat, its title should be completely clear. Also check whether the land is disputed or whether any old case is going on. Also, all necessary approvals should be present from the local authority. Many times people get trapped just by looking at the low price, but later realize that a cheap property can lead to the most costly mistakes.
Property should be in the budget
Before buying a property, you should calculate the registration fees, stamp duty, taxes and other expenses so that you know whether the property you are going to buy is within your budget. Registration fees, stamp duty, bank charges, processing fees and furnishing, all these together can spoil the budget. Therefore, it is very important to make a complete calculation of your financial situation before buying, so that no burden increases in future.
Know real estate market trends
The real estate market is not always the same. Sometimes boom, sometimes recession. Between these two, only the right decision at the right time makes the investor successful. Therefore, before buying, it is important to understand which phase the market is in. Are prices going up or down? Guessing this can sometimes save thousands and lakhs of rupees.
Make sure to make an exit strategy
Your exit strategy. Every investment has a goal. Before buying a property, it is wise to decide for how many years you will hold it, under what condition you will sell it and what kind of returns will satisfy you. If you ever have to sell before need, then the possible profit or loss should also be estimated in advance.
