Tips to buy a House with best ROI for a longer-term.
By Abhay Shah, Realty Quarter
With the introduction of the Real Estate (Regulation and Development) Act (RERA), and several other policy initiatives such as the Benami Transactions Act and the government drive towards affordable homes, we can see more residential property market activity in larger cities. The favourable customer sentiment is particularly important after the dampener of demonetization in 2016. The builders are therefore determined, through enhanced marketing attempts, to capitalize on this. Since a great deal of supply is already in the residential market-many ready-to-use-new launches have already been reduced to enable the existing inventory to be absorbed. Many of the increased marketing initiatives are focused on unique offers and deals.
The decision to purchase a property should be based solely on the individual’s needs and the property value.
Tips to find the best property in your budget.
1) Understanding the real value: Although this may be beneficial to property buyers, they should be careful to evaluate offers and plans and should make a purchasing decision solely on the real value of the property. Freebies like gold, cars, household goods are a great attraction, but are basically frivolous in nature and do not increase the value of the house.
2) Impact of location on property value: Central locations traditionally are more expensive, as many key areas of the city have access to them, including the CBD (central business district) and the SBD (secondary business district).
The purchase of a house in a peripheral place, connected to the IT hub and/or production belt, makes perfect sense both for IT experts and industrial employees and also for estate buyers. Unfortunately, these places attract all types of developers – from people with the reputation of generating real lifestyle value offerings, to those who specialize in narrow “pigeon-hole” housing. Here a developer’s brand value plays a major role.
3) Facilities and Amenities provided: Today urban life puts a lot of stress and demands on us. Therefore, our houses must also provide comfort and rejuvenation, not only as locations of shelter. A clubhouse, a pool and a park for children, are no longer luxuries, but the very minimum that an Indian home buyer should expect.
Right house buying is not only concerned with current and future convenience but also with investment growth. Houses in nice places, constructed by renowned developers with excellent amenities and facilities, will always give the investors a stronger share of capital and lease revenue.
4) The difference between a Brand and Quality: Buyers are spoilt of choice with a lot of housing supply in the new growth corridors. Of course, the price of a house is significant but one still only gets what one pays for. Ultimately, a home is not only an asset, but it also has the crucial function of offering refuge, comfort and safe accommodation. Buyers need to search for alternatives offering them these three benefits at a satisfying stage. Reputed developers offer these as part of their normal quality offering, as it demands to sustain its reputation.