|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.|
Residential real estate hasn't been doing well in all markets across India since the recession. Many cities felt the pinch, and have fallen victim to superficially escalated property prices that simply overshoot the demand. However, not all cities are suffering. Property in Pune has received the right kind of attention. The city has quickly become one of the best places in India to live, or even invest in residential real estate. And we take a look at some of the many reasons why.
Pune is a well-connected city. This refers to its accessibility on an external as well as an internal level. Right off the bat, the city is easy to reach from Mumbai. Apart from this, there has been much thought put into smoothening out transport infrastructure, by civic authorities.
The Pune Development Plan 2041 has laid out a plethora of improvements in transport infrastructure. This includes a metro system, enhanced road networks, flyovers, new bridges, skywalks and even subways. Changes in the transport infrastructure will improve the market for property in Pune, as accessibility to other areas will cease to be an issue.
The number of multinationals in Pune is continually on the rise, boosting the city's employment rates. More employment means more real estate demand. And this works in multifaceted ways.
|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.|
In Pune, the increase in the employment level is accompanied by an increase in income levels as well. This means more demand on the consumer-driven end, due to the increase in purchasing power.
On the other hand, more businesses means they require residential property in Pune to house their employees who originate from outside the city.
Other than just transport, other aspects of infrastructure have grown considerably as well. The city's civic administration has put its focus into water supply, parking facilities and electricity. This makes many different areas of the city easy to live in and increases the scope for residential projects.
The international airport in Pune is also under construction and once complete, it will boost the economy of the city and add to its already booming transport infrastructure. Plus, this will raise the demand for residential property in Pune located near the international airport.
The number of people moving to Pune has been on a constant rise over the years. This includes people who seek employment there, as well as the students of the many different universities located in the city.
This population growth has not only driven the acceleration of infrastructure projects. Residential property in Pune has benefited from this as well. Even students need a place to stay, after all, and the people being employed in Pune either have to get a home of their own or they are provided one by the company they work at.
|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.|