|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.|
Kolkata is known for its culture, food and festivals. Little do they know that the city is fast becoming as one of the major industrial hub, home to a number of expatriates and a city with successful residential hub. According to a special report by popular realty portal 99acres.com, Kolkata's real estate market clocked an average rise of 3% in the first quarter of (Jan-Mar) 2015. All the regions have experienced a growth in the terms sale volumes and construction activities. There are many aspects that have boosted the residential hub in Kolkata or any of its regions:
Housing Segment in Kolkata
Initially Kolkata was not that up for industrialization and a healthy breeding ground for multi-national firms. However, with increased focus towards an urban lifestyle and an urge to shine bright on the realty landscape, Kolkata too started to focus on welcoming companies. The result is increased construction of affordable housing segment and housing options for expats and professionals who are flocking the city.
Amongst all the regions in Kolkata, north is one region that is experiencing a high in the affordable residential unit
|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.|
Here are some of the projects in North Kolkata:
1. Abanti Nihar by Kolkata Developers
Abanti Nihar is one of the ambitious residential projects by Kolkata Developers to be unveiled soon in Barasat region of North Kolkata. The township will offer beautifully designed 2 and 3 BHK apartments that are laid in 3 well-constructed floors. Abanti Nihar Barasat will have more than 50 units and also be offering 60% of open space area within the complex. To make sure that the allotees have a safe and comfortable living, Abanti has necessary amenities sourced from well-known brands. Some of the amenities:
- Multi-purpose halls
- Kids play area
- Landscape garden
- Excellent power backup and water supply
- Spacious parking areas
The apartments in Abanti Nihar Barasat will be available at a starting price of Rs. 19.66 Lakhs.
2. Heights by Fortune Realty
Heights by Fortune, another ambitious real estate project, which will be offering 2 and 3 BHK apartments. The residential complex will suit the living demands of the new-age buyers and will be offering them a range of location advantages to go for. If you are interested in buying an apartment here then you can easily do that through EMIs. Some of the banks that are in collaboration are LIC, SBI, HDFC etc. To be unveiled soon, apartments at Heights can be booked within a price range of Rs. 21.26 Lakhs to Rs. 27.82 Lakhs.
Kolkata is fast becoming one of the highlighted realty destinations for both realtors and buyers. The city that was once known for mere culture is now also known on the broad platform for offering residential units that lies in the budget bracket of both elite and the working group.
|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.|