The property market has seen tremendous progress over the past decade in Bangalore. Rapid economic growth, easy availability of funds has made many youngsters look positively at a real estate investment. For every young buyer, setting foot on the first tread of the property ladder can seem an uphill struggle. Property Buying is the first and biggest purchase of your life and small mistakes can cost large. If you are buying a property in 30’s, there’s something more that you must know before investing in a plot or an apartment. Your outlook may change and you want to look at the big picture now. The most important and the foremost thing to bear in the mind is whether you can really afford it.
Research where to buy and what to buy : Do your research regarding the location and make a decision whether to buy an apartment or a plot. Research the area where you will get the better returns. If you are planning to live in your own apartment/flat then check out the areas which have all the facilities.
- For a long time perception, invest in plots. If the locality is on the peripheries then, estimate the benefits of investing on land by making use of official guide.
- The benefits of investing early on in land give premium returns within 8 to 10 years.
- Plots give flexibility to modify according to your requirements like space allocation, design and configuration.
- The cost of the plot depends upon the locality. Central area commands top rates where the peripheries have the advantage of costing less. With space constraints, every city slowly limbs out and that’s how the outskirt areas start developing and it reflects in the social infrastructure of the locality.
- The only disadvantage is hiring an architect, maintenance, electricity and water supply during construction.
- Better to study the market, especially for plots in the unimportant region because plots are prone to the risk of litigations which emerge if the locality has not been master planned in to the city. Illegal occupancy can lead to serious penalty.
- Plots do not devalue with time.
- Flats/Apartments are generally a lifestyle choice. It is easier to sustain and is a general predilection among young working professionals.
- While buying an apartment, know which area will be more beneficial because if the property has location advantage, you can earn a better rental return.
- Cost of the apartment not only depends up on locality; it combines the amenities provided, size of the unit and the segment.
- If case of maintenance, it saves your time.
- Flats sometimes deflate with time. Conversely, they serve well in the short term.
Educate yourself: Make use of real estate professionals or perform a little home work yourself by browsing on the internet. Choose few properties in your preferred locality which are in your price range and compare the features, price and facilities. This gives you a fair idea of what you can pay in your area of choice.
Save as much as before buying: If you plan to be as a landlord, it is better to have some extra amounts to cover expenses like loan paying and pay for any repairs to the property. If you are buying an apartment, don’t drop all your savings into the loan, keep a good chunk in a high interest earning account. You may need extra amounts for maintenance, water & electricity charges and special levies such as building repairs which are not covered in the total amount. Consider all the costs of owing a property.
Consult the Professionals: Find some knowledgeable professionals to assist you through this process; it could be your agent. Professionals help you to get better returns. Always ensure that the agent of your choice is fully qualified and has up to date data, because rogue agents can hurt you a lot.
Take your own time before buying property: Don’t be in too much of rush. Keep your investing balanced and be a good landlord. Don’t get yourself in over your head, you want the power to hold property as long as you see the well rather than be forced to sell.