Common mistakes to avoid while Investing in Real Estate
Land has always been vital in Indian culture, whether for farming or constructing communities. Today’s expanding population has placed an additional strain on existing resources, particularly land, and people are transforming every available square inch of land into sustainable housing. At present, real estate is possibly the only investment that is guaranteed to gain over time, with land prices rarely falling. This makes real estate even more appealing and enticing, attracting investors from all walks of life. And that’s why you need to make sure your investment works in a profitable way.
Here are the common mistakes to avoid while investing:
Research is essential for any solid investment, and many of us purchase a property without doing enough research. Prior to making an investment, you must first assess the market conditions and conduct extensive research on the current property rates in the desired location.
Once you’ve narrowed down your search to a few properties, check for the below:
- Location advantage (Schools, parks, fitness centres, shopping mall, etc)
- Land value and rental demand in the area
- Road / Rail connectivity and surrounding amenities
- Sufficient supply of water and power supply
- Pollution control and transportation infrastructure
The locality should not only be welcoming for you but for all family members, a school for your children, a walking park for your parents to relax, malls and other entertainment amenities for you & your family to enjoy and be entertained. These are essentials that you should make sure your residential have alongside your property.
By knowing the locality better, it will surely give you a gist of how your lifestyle would be staying there. Locations with good local connectivity such as railway stations, metros, airports, bus terminals, other public/private places to visit, are a great advantage and reason to make your stay a beautiful one.
Choosing a reputable and trustworthy real estate developer protects the legitimacy of your investment. A reputable real estate brand will obtain the necessary legal permissions and documentation for property sale. Also, the quality of construction is important, as it is a home for a long stay and needs to have good construction principles.
Remember, the investment you make in a real estate property needs to appreciate and add value to your investment. So, evaluate the financials, the likely growth, appreciation, and resale value while investing. In case you are taking a housing loan, ensure you choose a bank-approved property, and the loan comes at the best interest rate.
Last but not the least, examine how well the property’s layout, pollution control, and the other places in the architecture fit the plan and remain useful in your day-to-day existence.
One of the best investment options in Chennai today is SPR City – Chennai’s Largest Integrated Township. A township spread over 63 acres with a host of amenities from shopping malls, entertainment hubs, multiplex screens, India’s largest wholesale & retail market – Market of India, a leading school like The Shri Ram Universal School, 4 acres of open spaces, and lots more. Choose from a choice of investment options – 2/3/4 BHK apartments or 3/4/5 BHK bungalows. It is a real estate investment that will check all the boxes in the checklist above & actually deliver more value.
For more details visit www.sprindia.com