Tips on buying a home
Are you looking for best property investment advice in India? You must be aware of the tips before purchasing a house and how to make safe investment in real estate.
Most of the people believe that they should own a house as soon as they can. They believe that a house should be purchased if you have enough financial resources or have home loan. Most of the people consider only one factor while purchasing a house. They only consider that whether the rates of property and interest rates are at appropriate level. This factor is appropriate only in few cases but it is not enough. There are many other factors which should be considered while buying a property.
Purchasing a house is not less than investment in gold which is purchased and then deposited in bank. Long term investment in real estate has provided wonderful returns to the investors in the past. It's not incorrect to say that purchasing property is a method to reflect your financial prudence.
If you want to receive good return on property investment, then it is necessary to keep that investment for a longer time period. Some factors should be considered before investing in residential property. Tips for investing in property
- Job profile:
Home loan granting company makes detailed investigations about the job profile of the borrower so as to know the risk level of loan granted. Permanent job is more secure than temporary job. The level of job stability cannot be estimated with salary brought to home, but it can be estimated with its sector and the possibilities in it.
So, it is advisable to evaluate yourself before applying for home loan. If you change your job more frequently or stay unfit in short intervals or if you are unemployed from many, then it is better to improve your job profile before applying for home loan.
- Associated transaction costs:
Have a look at other various expenses related to property before purchasing it. If you are taking services of a real estate broker, then you have to pay a predetermined amount to such broker in case of deal finalization. There are many formalities related to property and registration tax. Ask yourself if you are capable to deal all such situations efficiently or not.
- Married life:
Are you married or unmarried? If your married life running happily and smoothly or not? These are certain question which you should ask yourself. In many cases, both partners borrow joint loan. This option has many benefits but only if your married life is running successfully. Else joint loan can create problems. In case of divorce or living separately, repayment of loan installments could be a big issue amony both partners. Moreover, if a property of purchased jointly and any issue or separation arises in future among both of them, then an issue arises for ownership title of the property.
Conclusion:
Undoubtedly, there are many advantages of investing in property. But before investing in commercial property, if an investor takes care of above mentioned tips, then he will surely lead towards successful investment.