From an investment point of view, whether you are buying a residential property or a commercial property, if you do this without proper investigation, you will end up with losses instead of profits. If you want the property you are buying should give you profit, then before buying the property, you will have to follow the basic rules of this work at all costs.
The location of any property plays an important role in increasing its value in the future. Always buy property only in such an area where there are basic facilities. Should be at a reasonable distance from the hospital, school, and market. Also, get information about the potential for further development of that area.
If you are buying a property in a housing society built by a developer, then definitely find out about the reputation of that developer. Always buy property only in societies developed by renowned developers.
Whether you are buying a flat or a plot, definitely find out about its legal status. The property should not be disputed and its title should be clear. Besides, he should also have got the necessary approvals from the local body.
You should always know your financial capacity to buy property. Before buying a property, you should calculate the registration fees, stamp duty, taxes, and other expenses so that you know whether the property you are going to buy is within your budget.
Be sure to get information about basic facilities like electricity, water, and sewerage at the place where you are buying property. Also know about the facilities like parks, shopping centers, schools, and hospitals. These things contribute significantly to increasing the value of property.
Before buying any property, be sure to find out the local real estate market trends. Take any decision only after knowing whether the market is bullish or bearish.
Real estate investment is a long-term investment. Therefore, you should make your exit strategy in advance. Before buying a property, you should decide how many years you will sell the property. Along with this, consider the potential profit or loss you may incur if you have to sell the property before the set target.
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