|Buying Property Tips#1: Choose the Right Location|
|Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.|
|Buying Property Tips#2: Study the Local Market Dynamics|
|It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.|
Considered among the blooming markets, Real Estate Sector has seen a lot of investment in the previous years. Almost everyone is seen investing in this sector. Real estate in Mumbai offers great opportunity to everyone who is looking to diversify their profits. Real Estate in Mumbai is also considered as an expensive affair, but it is sure to make your investment count! Some of the reasons why one should invest in Real Estate in Mumbai are:
1. Benefits on Tax:
Purchasing a property is beneficial for long term Capital gains as the buyer receives tax exemptions from the government on buying a new property.
2. Financial Safety at times of Inflation:
Investing in Real Estate acts as protection against inflation, because it is among those investments where value increases along the increase in the currency value. Ever Increasing population and limited availability of land also plays a significant role in making this investment safe against inflation.
3. Appreciates with time:
Another reason why one should invest in Real Estate is that it appreciates with time. For example the property valuations in Mumbai have increased by 47% over the last 3-4 years, the property rates have simply sky rocketed. All these factors contribute to turning your real estate development into an appreciating asset.
4. A great legacy to leave behind:
|Buying Property Tips#3: Choose the Right Property|
|Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.|
|Buying Property Tips#4: Do the Math Properly|
|Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.|
|Buying Property Tips#5: Consider Additional Expenses|
|When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.|
Real Estate is a permanent investment unless and until the owner decides to sell it. Even after the death of the owner, the property remains with the family. The future generation can likewise profit from this appreciating asset, making it a great legacy to leave behind.
5. Additional Income:
Investing in Mumbai's real estate guarantees additional income, this additional income is generated by renting the apartment. Renting is quite profitable, one can earn approx 20,000-25,000 by just renting their property. The rent price also depends on the location of the apartment, so location also plays an important role here. For example, if you are planning to buy a property just for renting then you should opt for projects that are nearby the commercial complexes or is well connected to the rest of the city and has a good public transport availability. Also, renting as a business venture is quite popular and extremely profitable.
6. Safe Investment:
Incurring a loss in real estate is very difficult, because the value of the property only increases with time. Consider yourself sitting on goldmine of an asset if you own a property in Mumbai, as Real Estate in Mumbai has seen rise since 2008 and the prices have always kept on increasing. A proper research is recommended before buying a property, prefer buying the property from a reputed builder to avoid being duped. The owner can also sell or rent a property to generate income.
If you are planning to make an investment in Real Estate in Mumbai, then check Mumbaipropertyhub.in, as they offer more than 100 options for investment in real estate in Mumbai. You can easily choose the one that suits your budget that too from renowned real estate developers in Mumbai!
|Buying Property Tips#6: Inspect the Property|
|To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.|
|Buying Property Tips#7: Pick the Right Financing Option|
|While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.|
|Buying Property Tips#8: Invest through Equity|
|One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.|