|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 time when an individual buys a home, a certain question strikes his mind. Is he paying the right amount for property? When will it appreciate? To get the answers of his/her questions, he or she consults a property expert. A property expert deeply investigates the localities and areas. The key concerns that he focuses on, for property valuation are infrastructure development, commercial development, connectivity, availability of land and disposable income in the hands of local people. These five factors if closely examined, describes the future prospects of property valuation in that particular area.
Development of infrastructure like construction of roads, malls, schools, hospital, educational institutes, bus terminals, airports etc. contribute to property valuation. Greater Noida is exemplifies it the best as infrastructure development is this particular area is on peak now-a-days. Sensing the future prospect, developers are continuously engaged to build new projects and home buyers are also attracted to this.
Commercial development plays a vital role in property valuation. It is essential maintain the balance between commercial and residential development. Gurgaon has emerged as the hub of commercial development hence; residential development is the perk in that belt. In terms of appreciation and it will be multiplied in next couple of years.
|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.|
Availability of the land drives the property valuation. Price will be more in the area where land is scarce resource whereas price will be less for the areas where larger amount of land is vacant. This difference can be experienced in all the metro cities where you will find huge difference in price in central and outskirts of cities.
Disposable income is the important factor to judge the purchasing power. Disposable income varies from area to area. Neighborhoods around IT hub have more property valuation than agricultural or manufacturing hub.
Property valuation is done on the basis of amenities. If the area is well connected to metro, bus terminals, airports, shopping arena, schools, colleges and hospitals, home buyers will enjoy higher appreciation in comparison to those which are not well connected. No one wants to live in isolation that is why excellent amenities result in higher appreciation. Metro in Delhi is a very good example to exemplify since the metro reached the outskirts of city, a significant rise in price has been observed.
With excellent amenities and exclusive lifestyle, developers in National Capital Region Delhi are offering numerous housing projects. Amidst these projects, Mahagun Group unveiled a new project Mahagun Mywoods in Noida. The project embraces a heaven where you will seek the splendid views, soul lifting ambience and modern amenities. Mahagun Mywoods Noida is offering the blissful paradise where you can cherish your world of dreams.
|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.|