Today is the time when builders are marketing their projects as an affordable version of middle class ‘dream home’. With more than average location prospects and decent amenities, these properties can be a good investment options for first time home buyers. But not all ‘affordable’ tagged units are wise choice to bank upon. Here are few things that you should assess before you take leap of faith into ‘pocket-friendly’ segment which is yet to be explored by investors.
Choose your builder wisely!
If you are investing in under-construction project, it is always advisable to put money in a project backed by well-known builders. Since they have a reputation to maintain, they would adhere to ethical business practices and construction quality. Apart from this, a property in a branded project would fetch you better resale value than in a new project of an unknown developer.
Choose your location wisely!
Buying on the city outskirts can be a wise option if the infrastructure is in place. Better connectivity, safety, lifestyle conveniences, proximity to hospitals, schools, colleges – these are few characteristics that should be considered before you sign the deal. Since investment within city limits can be expensive, you can check out properties in suburban areas but don’t forget the golden rule- ‘Deal with well-known builders only’.
Don’t go for unrealistic offers
In order to cover up the compromised quality of their projects, builders come up with attractive but unrealistic freebies that are of little use but still can appeal buyers. Therefore, one should consider taking ‘smart’ freebies that can bring down their total cost of home buying and are of real usage instead of taking high worth gifts that are of no use.
Think five years in future
If you are buying a home today, consider its output in upcoming five years. Since real estate investment pays you over the time and not instantaneously you need to have forward thinking when it comes to choosing the property, project and the location as each of these can play vital role in appreciating or depreciating your investment cost.
There is no fixed strategy to judge which investment can win fortunes for you but there are certainly few thumb rules to a successful realty buying. If not treasure, it can definitely promise an asset for lifetime, after all that’s what everyone needs.
