Is investing in real estate property still a trend?
Yes, it is! In fact, investing in real estate is the easiest and safest way of building asset(s) for a secured future.
Getting in contact with a broker or an agent might help to find the type of property you are planning to invest in. But like any other investment, one needs to analyse & evaluate the pros by themselves before blindly trusting someone else’s advices or options.
Don’t be stressed, if you’re investing in real estate for the first time! Here’s a checklist to keep in mind before buying your first 1Bhk, 2Bhk, 3Bhk or 4Bhk!
3 Things to Check for the Real Estate Developer
1. Past Projects History
It is quite fancy to buy a property being constructed by a popular Real Estate Developer. But, it is you who will utilize that particular property purchased. Hence, you need to research on the projects developed by the builder group in the past, the amenities they provide and if the residents face any problems with it.
Establishing a trust factor should be your first step before you buy any real estate property and past projects history will assist you.
2. RERA Registration
Real Estate is one of the common interests of most investors and hence RERA is an initiative by the Government of Gujarat. It provides a secure platform for transparency between customers and developers to encourage investment whilst consumer rights protected.
So, you need to check & verify if the property is registered on RERA. All the information related to the project will be available there.
3. Recognition & Rewards
Rewards speak louder than words. You should check if the developers have received any awards or have been recognized for any of their projects
5 THINGS TO CHECK WHILE BUYING LUXURY RESIDENCES
1. Get back to the basics
What is the first thing you do when you find a luxurious flat you want to buy? Well, safety and security come into the basics. Your luxury residence should be studded with protective features like CCTV camera, fire exits, clear evacuation plans and more necessities required to make the residents feel safe and protected. It should be nearer to the vegetable market, hospital & transport facilities should be available at the walking distance so that you can access your basic needs easily.
2. High-end Amenities
Have verbal discussion sessions with the real estate developers about the high-end amenities they will offer with the project. Discuss the maintenance period for the facilities like swimming pool, elevators, lift, fire safety services and so on.
3. Green Space & Eco-friendly Surroundings
Sufficient parking space, spacious lawns, jogging track, walking area, kids play area and the well-being of the surroundings impact a lot. Check out for the healthy surroundings by making yourself familiar with the property you want to buy.
4. Consider your Future Need
You may shift to a 4 BHK Luxury Apartment from your Premium 2 BHK Flat. What would be the resale value of this flat then? So, you need to make a rough calculation of the approximate value you can get back in the future.
Thinking of the future is what you should plan now while buying a real estate property to make the most out of your investment. Also, you should plan ahead of the steps that you should take if the project crosses the timeline but is not completed yet.
5. Go on a Self-Expedition
Don’t rely on the photos and attractive brochures. Pay a site visit, check the sample flat and visit the property while it is under construction to see if things are going as expected. This will help you in taking the necessary steps if something goes wrong.