Real Estate Investing For Beginners
Real Estate Investing is an expensive venture; therefore, you should be financially prepares before making this decision. You want to invest in real estate but aren’t sure where to start. We lay out the key recommendations for you to consider when thinking about real estate investing.
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Why to invest in property?
You should respond to this question first. Are you looking for a home for your own use or a rental property that will pay off well for you as an investor? Depending on the response, you might be able to arrange the other elements of the property-buying process, such as financing, location, and configuration.
The property’s finances
Property investment is an expensive venture; therefore, you should be financially prepare before making this decision. The price of the property is only one factor; there are other related expenses, such as those for legal fees, brokerage, GST, maintenance costs, property taxes, repairs, and insurance, that you should be aware of and factor into your budget. You might be able to choose the area and setup that you might be able to invest in based on this evaluation.
Additionally, knowing the equated monthly installment (EMI) that you can afford will depend on your financial condition. Before taking out an EMI, be aware that there will be a penalty for any missed payments.
Property location
Location comes second in importance to a home purchase after money. This determines what will happen to your property in terms of your convenience and future property appreciation. Examine each potential location in detail to determine if it matches your needs in terms of setup and budget. Consider how accessible a site is to essential facilities like banks, train stations, hospitals, schools, and metro stations when evaluating a location. Be aware that homes with broadband connectivity have good returns on their investments and good rental yields.
Types of properties
Determine the type of property you want to invest in before making a purchase—under construction, for sale, or ready to move into. Each has advantages and disadvantages, so carefully consider your options.
It is always advise to work with a reputable developer if you select a property that is still being built. On a property that is still under construction, you might additionally have to pay GST.
If you are investing in a resale flat, you may need to pay close attention to details like whether the property has a clear title holder, whether there have been any additions made to it, whether parking spaces are available, the fixtures and fittings that come with it, any leakage problems, etc.
While slightly more expensive than the other two stated possibilities, a ready-to-move-in new flat is unquestionably a lower-risk investment. Also, new flats that are ready for occupancy are exempt from GST.
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