Buying a home is certainly a lifetime investment for many. Thus, it is important to consider few things while you are making a property investment. Following are some of the major factors that you should consider before taking a decision on buying a property.
Ensure that you choose a right location
It’s better to do some research of the particular locality where you are going to buy a property. You can check whether the area has good connectivity to prime locations of the city. Also, consider the future developments of the locality in terms of social infrastructure, connectivity etc. If your locality witnesses any of these developments in future, then eventually the capital value of your property will also increase.
Check the Builder’s reputation
Before buying an apartment or individual, the home buyer should look into the reputation of the builder. Try to read reviews of the home buyers who have already bought homes from the builder’s previous projects. Apart from it, check the quality of construction, the rate of capital appreciation and future projects of the builder. Importantly, check whether the builder delivers the home on time to the home buyers.
Checking on approved banks
Talk to the banks those have approved the projects. A general verification with few public sector bank would help you to avoid some risks before booking.
Rental demand of the locality
If you are planning to buy a home for the purpose of earning via rental returns, then localities that have a high demand for housing are considered to be the best choice. Also, you can also consider investing in localities that have an advantage of close proximity to employment hubs, as the demand for homes will be high among the working professionals. For instance, Electronic City in Bangalore witnesses a good demand for rental homes, as it is one of the major IT hubs of the city.
When your property is under construction, it’s better to make regular site visits to check the status of your construction and quality of materials. By doing this, you also make minor structural changes in terms of layout of the kitchen, plumbing fixtures etc.
While you are searching for a property to buy, always ensure that you have good accessibility to basic amenities such as schools, hospitals, banks, shopping malls, restaurants, recreational centers, and parks.