You may have gone out of India, but the India spirit of earning for a future will always remain as your interests gravitate towards the nation to purchase a piece of land, out of your savings. Buying a real estate is a major decision and requires in depth expert advice when purchasing a property in India, if you are a Non resident of India (NRI). Considering the fact that there are many critical points before you close the deal, the following points will help you crack the right deal with confidence.
Know What You Want Before Investing
Before you look out to purchase a property, there are questions that you must ask yourself.
- Is it the right investment? or
- Is there a backup in case anything goes wrong?
Once you have the answer for the following, you will develop an idea that, if it’s for an investment you can opt for a plot in an upcoming and well developed location, as it will easier to sell them with profit in future. While purchasing a property just for the sake of future sale, you must also consider the time factor for the sale of it. Do not invest on a property that would take time to be sold off.
Another smart decision you must consider in this context is to buy more that one property of smaller value, so that it would be easier to exit with some profit. You can also invest in a property for future stay and in such a scenario an in depth understanding of this need will help you decide on the monetary factor that you will have to accompany, in order to purchase it. Keeping all of these pointers in mind, it is of primary importance to remember that every sq. ft. is also an additional cost/investment.
Know What You Prefer
When you have taken the drastic step to invest some part of your earning, then you must be sure that your money gets the best deal. Paying a little for a branded property is always a smart idea because such deals come with a lot of assurances of legal clarity, construction quality and legal approvals. Such properties get better rent or in case plotted developments, it becomes easy to resell.
Know Your Proximity Preferences
Investing on a property normally happens once in a lifetime. So you must be aware of all your preferences before deciding on the location where you wish to settle.
- Is it a popular residential area or is it close your friends and family?
- How well are you familiar with the location and its various facets?
- Are there any plans for a metro or shopping mall or an educational institution which will hike the price of the property in future?
Prior to making a monetary investment, making time and effort to understand and analyse the Government’s plans for the area will benefit you in terms of Rate of Investment (ROI).
Know Your Budget
Your budget is a key determinant of your purchase. Questions like What to buy?, where to buy? And when to buy would be decided by the budget you intend to invest in the purchase. However, if you find a property that is likely to provide you with a better ROI, it is suggested that reconsider your budget. One main thing you must keep in mind is that to never get carried away by emotions. Informed decisions are the key to safe investments and profits. So, take time out to think, research and analyse before you take the leap to your property in India.
Need Any Property Documentation?
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