Getting Started in Indian Residential Real Estate Investment
Indian real estate market is on a significantly high growth spurt. With ‘Make in India’ garnering global attention, several MNCs, industries and manufacturing units have sprung up across the nation. Accelerating its pace is the additional factor of global urbanization, thanks to the power of the internet. This only means more opportunities and a flood of demand for employment. As more youths get employment opportunities, they migrate towards Tier-2 and Tier-1 cities for their jobs, thereby increasing in the demand for residential real estate.
At first, it seems a little complicated when tried to understand how it all sums up to this, but gradually when it does, every person tries to make use of this opportunity and dive into real estate investment for residential properties. If you are here, it means you are specifically looking out to invest in residential real estate options. There is an umpteen number of advantage to it. First of all, it is a very good choice, given the demand that it has on the market. Second of all, your investment in the form of a built property is sure to generate an income in the form of rent. Moreover, your property is secured by the tenant who lives in your place, which is a bonus convenience.
Let us consider a Tier-2 city in Karnataka for the ease of explanation, Mysore. Suppose you want to invest in a residential property in Mysore . https://www.investinmysore.com/ So, how do you get started with the best residential realty investment? Well, there are some criteria that need to be taken into account before any beginner starts his investment in real estate.
Firstly, plan your move. Decide if you want to buy a site or a built property. Buying a new site and constructing a new property consumes a lot of time, money and efforts but yields in a higher rental income. On the other hand, buying a built property that is ready for sale can prove to be a less cumbersome process but might yield in a low rental remuneration due to the age of the property. Proceed towards the most suitable investment according to your convenience and plan of action. If Mysore is where you want to sink money into, it would be wise to do so on a plot and then construct as the rates are comparatively cheaper to those in Tier-1 cities and the returns are on par with the same.
Secondly, research thoroughly on what you have decided to invest. You ought to know about the property, things like – the facilities, available amenities, information about the builder, demographics of the locality, ease of accessibility to the property, materials used in the construction etc. Care should also be taken to ensure the veracity of the property documents. A piece of sound knowledge on the market rate, the growth trend and guideline value of the property in question is sure to keep you a step ahead of others in the competition and helps you make an estimation of the true value of the property. Regardless of any city, doing your homework always aids you in making a better decision and help you save some regrets.
Thirdly, connect with people to gain extra information that might be valuable to you. Talk with the people in the neighborhood of the property. It helps you get an idea about the resource availability in the surroundings and loopholes of buying that property if any. In addition to the above, stay in good terms with your realtor. It might be helpful while negotiating the final price or even get you some added perquisites. Conversing in the local language is an added plus point. To be in the good books of people is a challenging task and considered a skill nonetheless, but definitely helps you ward off unwarranted troubles and minimise the risks involved.
Lastly, it is crucial that you remain patient. Often, people make hasty decisions while acquiring a new property. Be it a new house or a plot, people display tendencies of urgency which, sometimes, real estate agents and sellers take undue advantage of. Beware of such people who try to sell properties under litigation or with legal problems. Also, waiting impassively can sometimes reward you with offers that might be a bargain for you. Furthermore, displaying a positive attitude is a virtue of an expert investor that helps keep your mind calm and make the best selection.
Conclusion – Investing in residential real estate might be lucrative and rewarding but it has its own downsides to it. One can only be successful when they are aware of all its advantages as well as its disadvantages. Constantly learn and update yourself about everything related to real estate. No matter how much you read, real experience only comes with actual investments. Start by making a small investment and learn from it. Do not take up an investment that is too risky, especially if you are just starting out. Remember, good things come to those who wait.