Real estate investing is a long term investment and involves huge amount of money while combining different risks. These factors are essential to the fact that one should consider all aspects carefully before making an investment decision.
An investor without knowledge of industry and related rules and regulations can make wrong decisions. As epidemic-induced insecurity has increased the tendency to own a portion of property in recent years, so has the importance of information about the complexity of investing in property. Key points to consider here:
RERA is a law that has made real estate transactions transparent. It has been formulated and implemented to prevent irregularities in the sector and to ensure the safety of buyers. The investor must check whether the project is registered with RERA. This can be confirmed online through the municipal authorities. It would be very helpful to review the property on the parameters of RERA.
Location is a major issue that should be considered before investing in a property as it decides the connection. Accessibility of roads, public transport, healthcare facilities, educational institutions and other important infrastructure depends on location. Investors should thoroughly analyze the property to understand the feasibility of the site. A closer look at the layout of the property is also important for understanding the entire system created on the site.
Security and convenience
Due to the epidemic, security has emerged as a primary concern for all. As well as antisocial elements, security from biological threats like viruses is important for a peaceful stay. Anyone looking to invest in real estate should consider the security features offered by the developer. Another important point to consider is the proposed facilities. Maintenance charges, power supply, water charges and other additional charges must be considered before finalizing the contract.
It is very important to investigate the title of the property when buying a property. To understand this complex matter, one has to take the legal advice of a reputed lawyer. This becomes even more important in the case of secondary sales. Sometimes, unpaid arrears or some charges are hidden from the buyers in the property contract by the broker or seller. It needs to be given due attention.
Compare market prices
An investor should compare prices in the market before making a final investment decision. This will ensure the best offer by saving money. Also, it is good to know the developer’s brand value for future evaluation. Well-known developers are helpful in every step of the way, even after sales.
Investing in real estate is a big decision because it involves a lot of money and time. This is why one should check all the necessary details. It is also important to avoid conflict in the future. One should investigate every aspect in detail and then only invest in property. This makes the advice of reputed consulting firms important. A legal assistant will also help make the purchase process easier.
(By Hina Sehrawat, Founder & CEO Of Gitanjali Miracle Makers)