Property Investment Tips
Are you looking for a property to live in or for investment purposes? If yes, this post might help you to streamline your property hunt. When buying a property you may look for thousands of properties and may finalize one at the end. Property search is not an easy job. It will go for months together. So how to decide, “yes, this is the ideal property”. Here are some tips and the systematic approach to give a full stop to your property search. Before buying a property or being a citizen of India, everyone should know at least some basics of property law in India.
Here are 7 Property Investment Tips
1. Finalize Your Budget
The first thing is first, know how much you are ready to spend. Do the property valuation first. Buying a home is one thing, but what about your other expenses? Always keep in mind how much deposit you have in your account and how much are you ready to spend on the house. Prepare your budget and other expenses. Don’t forget the closing cost, potential repair cost, cost of living, and utility bills. Plan according to your income. If you are planning for a loan, make sure you are capable enough to pay the EMI and the property insurance on time. Always set guidelines for the price. If you finalize the budget, then streamlining your property hunt becomes easy.
2. Know what you want
Knowing what you want, helps you streamline your property hunt. The property search begins the moment you decide what you want. While looking for a property, it is always a good idea to have a checklist of features that are important to you. Your every visit should be productive. A checklist with your wants is a must-have. Not just a list of features, it’s a list of what you might like. Create your checklist by listing all the things you’re looking for in a property. Include the obvious stuff like the number of bedrooms, size and layout of the kitchen, number of bathrooms, toilets, car parks, and so on. You should always be sure of location, amenities, schools, and access to public transport. Make a separate list of must-haves in a property, and prioritize according to the list. Once you are clear in your mind, you can start visiting the properties and document every visit and inspection. Pay attention to the home’s location, the direction it faces, and the way the floor plan is laid out to get the full picture of how a home looks throughout the day. Your property should be the property valuation you do.
3. Refine your search
When I say narrow your search I mean it. Actually, you never understand the importance of eliminating a few words from the search bar, until you do it. Property search becomes easy by this way. Just refine your search. Always search for the properties in your budget and in the locality you are looking for. so you don’t waste so much time looking at properties that will sell above your maximum. A good agent might help you streamline your property hunt.
4. Don’t Be In a Hurry
You will only have very few visits to see a property and you may be tempted to buy a property. Don’t be in a hurry. Make 10 more visits and ask a lot of questions. Don’t rush your visits. Look carefully. Think carefully. This is where your checklist will help ensure you don’t overlook something important. Take pictures. This will help clear away the blur after a day’s inspections. It becomes very difficult to differentiate one property from another. Make notes about all the things you liked and didn’t like about a property. Compare the properties according to your checklist. Pay particular attention to defects – these will stop you from falling in love with the property and help give you bargaining power on price. Know everything like property insurance amount, the property valuation worth, and property law as well, before you decide on a property. Don’t be in a hurry, when you decide to streamline your property. You should have a lot of patience for the right kind of property search.
5. Get the property inspected
Get the property inspected before you make the final payment. A qualified home inspector will let you know whether the house is worth the investment or not. Inspectors will examine certain home components and give a quality check report of the house. The inspection generally lasts two to three hours. The property owner should be present for the inspection to get the complete details, and if necessary be free to ask any queries. A quality home inspection reveals critical information about the condition of the house, the structure and its attachments. Quality inspection allows the buyer to know the repairs & maintenance costs. Whether each problem is a safety issue, major defect, or minor defect & it also helps you know which items need replacement and which should be repaired or serviced. Quality inspection is a must-do before the final agreement. If you are not okay with the quality of the house, even 1%, you will have the opportunity to back out of the offer. I know property search and buying a property is exciting, but don’t forget to get your property inspected before making the final payment.
6. Ask lots of questions
Ask agents a lot of questions, ask everything related to property insurance, property valuation and also something related to property law in India, if you are interested. It will help you to streamline your property hunt. Agents always work for the seller. Ask him, since when the property is on sale, why has it not been sold yet? Have there been any offers on the property? What about the maintenance charges? Even if you feel your questions are silly, feel free to ask the questions.
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7. Find an agent
It’s always a good idea to find an the best real estate agent to streamline your property search. Let the agent know you are a serious buyer and make sure they have your details, so they can let you know when a new list of properties is about to come on the market. Let the agent know which property you are visiting. This gives the Agent a better sense of what you are looking for.
Looking for a property is a process that can be stressful and exhausting. It will be exciting too. It all depends on how you streamline your property hunt. Get in touch with us and make your property hunt easy. We will help you to find what you want. Above are some of the tips to streamline your property hunt and make property search easy.
Hope that could solve your uncertainties. Also, read about why real estate is the safest investment option.
Frequently Asked Questions
1. Is house inspection necessary?
Ans. Yes, never skip this step. It will help you evaluate the house better and accurately.
2. How to approach the agents?
Ans. There are a lot of online property platforms to get in touch with the agents. In fact Coldwell Banker Value Add Realty Agents are specialized in house inspection too.
3. Can I buy a property a little over the budget?
Ans. If you can afford it, then you can go for it.
Last Updated on April 29, 2022 by Maansa Parameswaran