Real Estate Investment
When you invest in property, you get a solid asset that has the potential to grow your wealth over time. However, it’s important to invest in the right properties, because you can’t afford to make a mistake as it can cost your entire savings. Even if you leave the finances, real estate hiccups and setbacks can cause lots of stress and tension which persists for a long time.
So, once you decide to invest in real estate, it’s very important to take care of certain things before you put your hard-earned money into it. To help you move ahead with the right decision on your investment in a property, here are certain things to check for before choosing a property for you.
This is one of the most important criteria to be checked before you buy a property. Real Estate Regulatory Authority (RERA) is an act under which builders are responsible for the timely delivery of the property. The act aims to protect buyers from fraud and to ensure timely delivery of their purchase. The RERA is governed by the state government for the regulation of real estate development and speedy dispute redressal.
So, all builders must register their project with state RERA to be a legal one and should disclose every information related to the project to the buyers. So, if you are planning to buy a property, you have to check for its RERA approval first. You have to check for the project approval, sanction plans and other documents available on the website of state RERA authority.
Picking the wrong builder can be very dangerous to the buyers, as they put their hard-earned money into it. So, before you select a property, you need to research a lot, check for the builder’s past projects, the time of completion and the time when the property got handed over. If all this is fine, then there is no issue.
There are some cases of fraud builders as well, who fled overnight after taking the money of the buyers. So, be aware of such things and do adequate research to check your builder’s reputation before you select one for you.
See from Futures Prospective
Check for the future plans that are going to be initiated or whatever is in progress for a region or locality which you have selected. This will help you figure out what its future resembles. Government portals and websites regularly have data on framework venture propositions on the web, and you can also connect with the nearby council for more details. It’s likewise suggested to check for private improvements that could be going up close to conveniences, for example, schools, shopping centre points, etc.
Wait for Returns
Particularly for those whose income is tight, it’s difficult to purchase a property in a posh area where the rates are high. So, if you are willing to purchase a property, it’s not important to wait long to get a property in such an area. You can select an area based on its future value, where you can get more returns even when you sell your property after some time. You can also make decision-based on rental yield patterns where the returns are going to be high.
Project Approval by Governing Authorities
Checking for Project approval is the most essential thing while purchasing a property. One should check for project approval by the authorities such as municipal corporations and for the map approval.
Different authorities approve different things such as City Development Authority, State Housing Boards, Municipal Corporations, State Industrial Development Corporations, etc. and you have to consider these while selecting. If the property is not approved by these authorities then one should not go for such a property, as getting a home loan can be difficult in such a case.
When investing in real estate, it’s important to figure out all the factors that could determine whether your investment is worth it or not? One should also check for the future profit aspects based on the location, neighbourhood, finances you spent, taxes, rental incomes in the area, and most importantly the quality of the property. So, research well! Don’t be lazy as you are going to put your hard-earned money of years into it.