|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.|
Located on the banks of the Noyyal River and surrounded by the breathtaking beauty of the Western Ghats and the Nilgiri Biosphere Reserve, Coimbatore often finds mention in lists of best places to live in India. The fact that nearly every such list hosts the city's name speaks volumes about the quality of life it offers to its inhabitants. In addition, the city offers a host of opportunities for work. Most people do not know that Coimbatore is also one of the largest industrial centers in India. Its cotton and textile industries cater to Indians in the country and abroad while its pumps and motors fulfill nearly half of the country's demand.
Being Tamil Nadu's second largest city, Coimbatore (also known as Kovai) provides a variety of options for people to come and stay in the city. From residential apartments to land plots, people wanting to make a home in the city or simply invest in a property have myriad options to choose from. One such option is villas. Some of the bigger names in residential projects in the city and nearby areas provide a range of choices for people looking for these residential accommodations. Some types of villas these firms offer are standard villas, contemporary villas, traditional villas, terrace garden villas, private pool villas, English cottages, Spanish villas and Italian villas, among others.
Most people looking at these accommodations are drawn by the low prices and good quality promises they see on paper and opt to buy a villa. Unfortunately, that is not the correct way to buy a villa or any housing for that matter. Here are three important rules to follow for buying an independent villa in Coimbatore:
The purpose should guide your investment
|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.|
Your needs will be different depending on the purpose for which you need the villa. If you are buying for investment, you need a villa that will appreciate in value quickly and give you good rental income in the meantime. If, on the other hand, you are looking for a place to settle down, then everything from the size of the garden to the placement of the geyser switch will be an important factor that you need to check out. If you are looking for a villa that you may settle in later but now just need for the purpose of investment returns, then other factors such as the future development of the neighborhood, possibility of schools, markets, etc. coming up nearby will also be important.
The location will be important
Without repeating the cliche, suffice it to say that location is the key factor that you need to be clear on. Coimbatore has various locations for people to stay. People working near the southern part of the city will find it inconvenient to buy a property that is located up north. So, if you work in the city, look for villas in places near your place of work. Another critical factor is the distance from the markets, the railway station, the airport, schools, colleges, etc. Unless you are buying a villa for seclusion and peace, these distances will be important for you and for any tenant.
Look clearly at what you are getting
Once you have decided on the purpose and the location, you need to look closely at the developers and what they are offerings. Stay away from developers who look like fly-by-night operators. Also, those who quote numbers excessive than the market value of the villa, are best not shortlisted. Look at the floor plan and see what you are getting. Look at the quality of construction, ask for plans and approvals, look at the price breakdown, ask about maintenance services, etc. Remember the only question that will be important is the one you did not ask. So, get all your queries resolved before you select the villa and its developer, and sign the buyer's agreement.
|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.|