How to buy the ideal property within your budget
The real estate market in India is flooding with varied types of properties ranging from land, apartments, villas and commercial spaces. So the question is how to buy the right property within your budget? Investing in real estate can be very tricky especially if you are buying it for the first time. Finding the right home within your budget is a challenge that most of them face.
The first and foremost step while investing is an ideal location that you are interested in. It could be close to your workplace or a place you always wished of, location always plays an important factor that decides the worth of your investment. Depending on the purpose of your investment choose a location which is right for you. For example, if you prefer a modern lifestyle close to your workplace enjoying the city transport facilities then go ahead and invest in a budgeted apartment like JE&VEE.
The second step after determining the location is calculating the budget to invest in the new property. If you are a first-time homebuyer, then it is better to know your loan eligibility from the bank or you can take the help of a real estate developer. After budgeting, start exploring different options which fit within the limit. It is better to start small as spending beyond your limit can invite huge financial burdens in future. While evaluating the budget, do not forget to include the additional expenses like registration charges, tax, interior styling, furniture, etc.
Size and type of property
It is very important to decide what type of property to invest in. Buying ready-to-occupy apartments is a great way of earning monthly income as you can rent it out as soon as you buy the property. Another affordable investment option is investing in an ongoing project. Ongoing projects will be priced much lesser than the price of completed projects in the city. Prices will differ according to the number of bedrooms and amenities. JE&VEE infrastructure offers studio apartments, 1 & 2 BHK at varied prices.
Know your needs
Another factor that you may overlook during the process of property search is to know your actual purpose or need with the purchase. Different consumers will have different intentions for buying homes. For some, it might be the dream home that you wanted to buy and for some, it might be an investment for the near future. So understanding your need is most imperative in the case of property investments. Also if you are choosing a house, you may have some aspirations like having more space, a garden, play area, security and much more. Plan all these ahead and while calculating the budget, choose whichever specifications are important for you. Instead of blindly buying a property, try to choose the one fits within your budget and satisfies your needs.
Get to know your market
It is recommended that you conduct an in-depth analysis of the prevailing market trends to save yourself from any possible real estate gimmicks. Being well informed on the current market trends, prices, interest rates, and development will allow you to recognize the current market status and plan accordingly. If you see that the property prices are rising fast in an area, it is better to invest soon to gain great return on investments in future. Compare different types of properties in the same locality to find out the pros and cons of each. You should not blindly trust any agent or broker that you meet. Always seek a second opinion from a certified property advisor before entering any financial deal. Checking the legal clearances is crucial while buying a property lest you may end up in serious trouble. Keep a check on the prevailing real estate rules put forward by the government so that you are well informed about the necessary legal formalities. For example, in India properties should now be registered under the RERA Act which protects the rights of the buyers and provides more transparency in the transactions.
Clear your debts
Last but not the least, clearing your current debts will help you to achieve your dream of buying the property you desire. While applying for a home loan, banks will analyse the credit score to income ratio. So if you have a lot of pending debts, it is unlikely that you will get a required loan easily. You can become a successful real estate investor if you know how to manage your expenses.
We hope that this article has given you a good insight about how to make the right property investment in your budget. A property can be a valuable asset provided you invest in the right one at the right time with the right developer. So why wait, make the most of this opportunity by investing with JE&VEE infrastructure.