Investing in a property soon? If you’re a first-time property buyer, it’s best to learn from the mistakes others have committed before you. After all, when it comes to putting in money, you can never be too cautious, can you?
Here goes a list of common mistakes you are most likely to make if you don’t pay heed to how to avoid them:
#1: Not doing enough research
Who’s the developer of the project? Are they renowned and trustworthy? Does the property you’re interested in have any electricity, water and community issues? Are there any future developments in the area that are likely to happen? What are the general property rates in the area? Don’t sit back and relax while your realtor does the job for you. Instead, take it upon yourself to check everything beforehand, and make way for a happy, safe investment.
#2: Short-term planning
So, you found a property, and are eager to invest in it. However, have you foreseen your residential plans? Have you calculated how much you can afford in the near future, as opposed to just now? When it comes to investing in real estate, it’s best to think long term. Property taxes, insurance and duty charges have a tendency to change every year, which means that you need to think for the future, rather than the affordability at the moment.
#3: Not emphasising on the location
It’s a simple rule – a property in a remote location is cheaper than a property in a well-established one. However, from an investment perspective, the former is far less likely to give you great capital returns. Check if the location has any developments slated for the future, which is likely to increase your returns as the property rates hike up. If, on the other hand, you pick an established location for your investment, it will only make your daily life effortless as all conveniences are already at arm’s length.
#4: Emotional attachment with the property
Granted, purchasing a home is an emotional decision, but investing your hard-earned money must be a practical one. Sometimes, the glam and glitter of a luxurious property may blind you to the hidden issues that may arise later. Therefore, separate your emotions from your decision, and be wise when investing.
Now that you’re a wiser investor than you were before reading this article, why not explore some exciting investment-worthy properties in Pune? Start with Goel Ganga Developments’ flagship project – Ganga New Town. A fine cluster of elegant 1, 2, & 2.5 BHK homes in Dhanori, Pune, the project promises a well-rounded lifestyle and excellent capital returns on your investment.