Understanding real estate requires a lot of research and experience. This is why many, who try to venture in the property market without them, experience critical losses. From a distance, it seems simple enough. It’s only when you’re in the market and trying to find properties that you realise the gravity of the situation.
Suffice it to say, when it comes to buying properties, there’s a lot to consider. Most people like to think that it’s all just related to the property. They believe that if they manage to find a clean and nice-looking place, they’ve already hit the gold mine. This, however, is an amateur mistake to make without considering factors such as locality, surrounding infrastructure, possible developments, appreciation, etc.
So, if you’re investing in South Mumbai flats or looking for a place to rent, here’s how you can spot the ideal property:
Assess the Location
A location is perhaps the most decisive factor in all the ones that play a role in real estate evaluation. When it comes to residences, people prefer to be in a quiet and suburban neighbourhood that promises ease in transportation. Not only should a location be easily accessible through local transit options but it should also be connected to main roads.
In addition to this, if a location doesn’t offer much within walking distance, you can expect people to have a hard time liking it. This is because people want to be near facilities and commercial markets. Since everyone has their own specific lifestyle choices, they prefer having retail options nearby that suit them.
One can understand the importance of a property’s location by considering various localities in the metropolis. For example, sea view apartments for sale in Mumbai are going to be costly since they’re near the coast. Whereas, those that reside in the mainland, but away from central hot spots are likely to be priced lower. Even if the latter is a far bigger and more equipped option, the sea view will inevitably have more value.
Evaluate the Property
Once you have the perfect location in mind, you can get down to judging the property. Apart from the place it’s located in, the property’s condition will have a say in its overall price.
This is where knowledge of construction materials or at least enough to recognise a durable structure can be beneficial. You need to look for signs that show possible future damage along the way. It’s true that all properties need a facelift every now and then. However, it’s only fair that you get the best value for the money you’re paying.
To help you with this, we recommend going for real estate agents and utilizing their experience to your advantage. You’ll be surprised how agents that have excellent negotiation skills can have the seller reduce the price of the property enough for their fee to be easily affordable for you.
Background Research
A property’s tax history, registration files, documentation for governmental approval, the owner’s history as a landlord, etc. These are all examples of the type of data you’re going to be researching. Again, this is something that agents can help you through very efficiently.
Having defaulted taxation history will be the only red flag you need to discard the option from your shortlisted properties. Similarly, there are others that can put tenants and buyers off, such as the attitude or history of the landlord. Tenants would prefer a simple property with a good owner rather than a luxury suite with a hothead landlord.
Although these are some of the things that make up real estate value, there’s a lot that is revealed through experience. Before you make any decision, make sure you’ve done enough groundwork to know what’s going to happen. Because if you make a mistake, it’s going to cost you dearly.
Shelina being a mother of twins spends her day with Deny and Dania. She love to read books and write blogs. She has also been actively volunteer participating in ladies fighting breast cancer.