Ever since adulthood, We’ve always heard how investment in real estate makes a good option for future planning and gives most returns, however, a slight oversight can turn it from the best to the worst investment.
Here is a guide to getting your Real Estate basics right and making a fortune out of it.
1. RERA Registration
Always keep in mind, before anything else, you must have an appropriately good amount of idea on RERA registration of the property you would be interested in. RERA is an act that keeps the sale of real estate properties running efficiently and transparently. Every state in India has its own official website where you can easily verify details on projects and their promoters.
2.Government and Taxes
Another side to government-related probing comes, choosing cheaper home loan interest rates because your interest rates and loans are the primary factors of your monthly installments. You can find a variety of home loan options on various official bank websites as well as websites to compare home loans from various banks, such as PaisaBazaar, Bankbazaar, Myloancare, and many more.
3.Property
Keeping track of projects assists with prices as it is always cheaper to buy an under-constructed/pre-launched property than a ready to occupy one. Pre-launched properties have the cheapest price as there have been no approvals from the authority, then comes under-constructed property, finally comes the ready to occupy with the most cost. Most times you get a chance to customize and choose according to your requirement with under-constructed/pre-launched properties, not so much with the ready to occupy.
4.Promoters/Builders
Builders often failing to complete the project on time may make you anxious which is why it is very important to know the brand value of the builder in the market. Quick ways of checking the reputation of a builder are by checking their past projects, realty ratings provided by Crisil Real Estate Star Ratings, and the builders' financial stability through their balance sheets.
5.Our wants and needs
This segment is the most exciting and relatable part of the earlier ones discussed. We always dream of how we want a variety of facilities, its either gym, golf court and spa for yourself or playroom, garden and swimming pool for your kids. It’s always fun to have facilities until it gets difficult to pay for the fees. Always check with the builder/promoter for the maintenance fee. Connectivity with surrounding facilities like an airport, train station, and a hospital is always a thoughtful benefit to consider before buying a property.
When kept these points in mind, your journey with earning through real estate investments can be absolutely hassle-free.