|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.|
The real-estate market in Bangalore is on the growth curve with many top MNC's majorly from IT and IT-enabled sectors, setting up operations at this location.
A host of firms in IT and BPO sectors are selecting Bengaluru as a there center for operations. And this has led to a greater demand for commercial offices here, according to a real estate monitoring firm. There is a prediction that the growth in the commercial office spaces will increase in the coming future.
Noticing the trends in commercial space rentals it has gradually increased and matched the peak it has experienced in the early months in 2015.
With the government stepping up in easing the process of acquiring of clearance certificates has attracted several developers to build their project in Bengaluru. The rapid levels of filling up of the commercial spaces have brought the vacancy rates down considerably.
The following are the causes that influence the capital appreciation and rent potential in Bangalore.
Firstly, growth in the IT industry and a rapid increase in a number of High-Net-Worth individuals, along with the influx of people from outside the city has contributed in demands in the real estate for a long time.
The second factor comes from the proposed infrastructure by the government such as Peripheral Road, the Metro Rail, a signal free ORR, Elevated Expressway, Mono Rail and high-speed rail link are main reasons in driving growth in and around Bengaluru.
The third factor is the proposed SEZ (Special Economic Zone) and IT parks in North Bangalore, for example, ITIR in Devanhalli, Business Park in Devanhalli, Airport City and the Aerospace SEZ.
Region wise outlook of factors in the properties in real estate in Bengaluru driving growth…
|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.|
North Bengaluru has high demands in high-end residential units and it has gained particular importance ever since the commencement of Bangalore International Airport. Projects located close to Hebbal, Bellary Road and its adjacent areas are a majority in the luxury segment. Experts predict that North Bengaluru is going to become the next major economic zone of Bangalore hence has a high demand for flats in Bangalore.
A proximity to the International Airport, along with a well-planned infrastructure such as the elevated expressway, high-speed Rail Link and Bangalore Metro Rail Link are some major growth drivers at this location. Additionally, the government has plans to aggressively promote this area in the near future. With the ITIR, Information Technology Investment Region near to Devanahalli, the Aerospace SEZ which is planned and is coming up near the International Airport and also the proposed Devanahalli Business Park, North Bengaluru is a promising area for real estate development.
South Bengaluru has conservative demands in case of luxury segments. Residential housing requirements in this area largely appreciated after the establishment of the Electronic City and its IT hubs.
Whitefield, unlike the south Bangalore, has good supporting infrastructure in addition to its IT destinations. Real estate market out here has demanded in the segment of luxury residences.
Characterized with major employment destinations such as Whitefield and the EPIP Zone, East Bangalore has benefitted with a boost in the real estate development.
West Bengaluru is primarily an industry dominated area and lacks the infrastructure to support the luxury segments in this area. West Bangalore has a high vacancy of land for real estate advancement, but demands are relatively low due to its lack of social infrastructure and remoteness to the locations such as the IT-ITES corridors.
|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.|