Investing in a property is one of the crucial decisions you make in your lifetime. Investing in real estate is a very popular mode of investment.
Buying a property that is a good investment depends on a lot of factors. It is important to consider the locality of the area, price, value, etc. A decision to buy a flat should be made after careful examination of the cons and pros of the buy.
There has been a boom in real estate in Bengaluru in the past decade and there are apartments in almost every locality. From apartments in Whitefields to apartments in Hennur, the rate at which apartments get booked is really fast.
If you are planning on buying an apartment in Bengaluru, here are a few things you must consider before making a decision
4 Things to Consider Before Investing in an Apartment in Bengaluru
Budget and Locality
Your budget plays an important role when it comes to selecting a locality. It is only after you set a budget you can start looking for areas that offer great value for your budget.
Choosing a locality is proportional to your budget. Hence look for an area that offers maximum value at your budget. Look for an area that you can afford.
Different areas in the city offer different benefits to the buyers. This sums down to why you are investing. If you are looking for a residential property, you can check out apartments in Hennur road. If you are looking for business property, you can look for properties that are at city exteriors.
Bengaluru offers you a plethora of options for every real estate need. If done right, investing in Bengaluru promises a great return on your investment.
Research in the market about the value of the property. You can talk to real estate agents and check the recent sales in the area. Do not completely rely on the developer and their agents for the information about the property.
Know About the Amenities Available
If you are planning on moving into your own apartment or renting it out to others, amenities nearby adds value to your property.
Look for properties that have necessary amenities close by that are useful to you. Think long term and look for amenities such as schools, hospitals, and public transport. This is important if you are looking for an apartment exterior to the city. Also consider the proximity of clubs, cafes as they can get noisy during peak hours.
Check Land Records
When you are investing in an apartment make sure you research the apartment. Do a land record check. This is very crucial if the building is old. Research about the topography of the land and the soil quality on which the building is constructed. The plot must have cleared all the dues and must be registered.
The deeds and the ownership documents must be checked with great details before signing any document. Have a thorough legal check of the property. The property must have approvals and NOC’s from all the major boards.
Maintenance Charges
A lot of people forget about the maintenance charges while buying an apartment. A maintenance charge is a fee you pay to the apartment monthly covering the maintenance. This is inclusive of property tax, assessment tax, water charges, common electricity charges, parking charges, elevator charges, common helper fees, etc.
Before you buy an apartment, know in detail about the maintenance charge and ensure that it falls under your budget. Maintenance charges have to be paid monthly and hence it is important to consider when you are looking for an apartment.
Know what is included in your maintenance fees. If you are a car owner, look for apartments that have a designated car parking space for the safety of your cars.
There are a lot of apartments offering a great community experience for different budgets. Examine the cons and pros of any place you look before making a decision
Investing in a property is a great way to increase your assets. As there is a physical asset involved a lot of people consider it a safe way of investing too. Make sure you understand your requirements and look for property that matches it.
Research well about the place before making a decision. Investing in your property is a huge financial step and make sure you take all the necessary measures to do it right. Do the necessary research and find a property that adds value to your investment. Wishing you luck in your endeavor.
