Investing in property is not a new trend in business, but with time it becomes common that every 2nd person is interested in the property investment business. It is not compulsory that the investment brings a positive return to your investment business, but most of the times it does.
Investing your money in the right real estate can bring sweet fruits in the future. It is getting popular among people to spend money on property. It is the safest way to lock your money in a fixed place, and if done smartly, property investments are highly profitable.
Seeking the advice of an expert property investment consultant is also a popular option for the novice property investor. Using an expert like Dina’s property investment consultants will make choosing the right investment property a much easier and more profitable experience.
However, there a 6 essential points to keep in mind when you consider property investment for yourself. These safe points help you to make better decisions and reap the benefits of smart and timely decision making.
1. The Location: right property in the right place
The location of the site is of high significance. It has a direct effect on the price and value of the property. Consider the approach of the site and the places near the property which interests you; it can help you have an idea of what the market value of this site can be in the future.
2. Know the Developer: should be experienced and professional
Invest a little time in researching the developer. Ask around the market about the developer`s project (past and future). Know the developer`s market and professional reputation before investing your money in property. It can save you a lot of trouble in the future.
3. Make Personal Visits to the Site without your Realtor
When you tour the place with your realtor, he only shows you the selling points of the site. To know better about the location and value of the site, you should plan random visits. Familiarizing with the surrounding neighbors is a smart way. It clears your mind on whether you should invest your money in a particular property.
4. Check the Legal Status and Complete Papers of the Property
You have got the right piece of property for investment. Always ask for a copy of the original documents of the property. Once you have the copy with you, take it to the issuing authority for verification. You have to be entirely sure about the paperwork before you proceed. You do not want any trouble in litigation. Thoroughly check if the property is free of bank loans or disputes.
Price: don’t miss the nitty-gritty charges
Most realtors only mention the actual cost of the property. They skip the nitty gritty charges that are attached to the property. Like the development charges, property taxes, transfer fees, etc. Make arrangements for the finances keeping these additional expenses in mind.
6. Resale Value of the Property
Planning for the future is the reason why you are investing in the first place. There are many points which can help you devise an expected resale price of the property in the future. Considering the resale price is a must. If the property has no resale value, then investing in it will not be very helpful.
The location of the property and the developments near it are significant factors to determine the resale value. There are some other things which increase the value of a property like if a government project is developing nearby, or the site location is getting a new road link in the future. Some developments have an extension plan, or maybe something new and happening is about to open in the neighborhood. Researching on each aspect exhaustively before investing in property will help you make a better decision regarding resale value.