|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.|
With the approach of 21st century, we have witnessed various changes in science and technology. Real Estate is one of the basic sectors that affected by this change. Rapid changes and new evolutions have created several challenges in construction, development and designing of high-rise apartments. Builders and developers are using new techniques which last for years when designing of a building whether residential or commercial. Even the buyers today, at first go for the safety features while selection process of a property.
If we look at present scenario, fire safety and heat protection equipments have become basic necessity in modern high rise apartments. People are aware of these things because many consequences are happening everyday as lack of such features. Now, construction companies are also having Fire & Safety Certification as a proof for home buyers. Let us find some innovative fire safety techniques for your safety:
Automatic Fire Alarm is one of the essential safety features. It can be seen in almost every new building. Construction companies in metros like Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad etc, are using fire alarms. It works when building catch fire. It automatically rings. But, periodic check of the set-up is very necessary else it will not work. Always place it in such a position where it can be audible from everywhere.
Heat & Ventilation Ducts
|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.|
Always use advanced engineering techniques in residential apartments. Heat and ventilation ducts, electrical lines, water pipes runs vertically in every apartment. We cannot ignore combustible things from our kitchen or other rooms, so to reduce the risk of fire and heat; we can use heat resistance techniques. Go for such features where fire resistance products should be used in all possible set up. While selection a property, always ask your builder about the heat and fire resistant products like HVC, proper electric wiring etc.
Clear Escape Plan
High rise apartments should have proper escape plan in case of emergency. It should clearly mention that what occupants should do at the time fire or any emergency. It is the duty of the building management to post the evacuation plan in places where all can see it. A periodic emergency drill should be conducted so that residents have the idea of it and do not get panic at the time of emergency. So, look for automatic sprinkler system in apartments. Sprinklers can extinguish a home fire in less time.
Emergency Communication Line
Make sure that there should be an emergency communication line in your apartment. This line should be connected to Fire & Safety Department, Hospital, Police station etc., without any interruption. So, when emergency situation arise, ambulance, fire engine or police can be reach easily at the location.
It is very important to remember that one should not use lift when emergency arise. So, ensure that apartments must have broader stairs which helps the residents to easily move down to lower floors.
Today, when we are investing crores while buying a flat or apartment, we must check the safety feature at initial stage. Even, government is also ensuring that real estate developers to follow the norms of safety features in every project which is undertaken. It helps the buyers to invest confidently in their dream home. Still, there are several techniques which needs to be carried out in our constructions and companies are also moving towards in the direction.
|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.|