Real estate investment can be a stable and lucrative way to channel your finances and plan your future. However, for first-time buyers, making the right investment decision can be a difficult and overwhelming process, given the many factors that have to be considered.
Here are 5 things to consider before making a wise real estate investment:
1. Location: Whether you are looking to rent out or re-sell your property, or stay there yourself, the location is all-important. Look out for proximity to public transit systems, hospitals, schools and colleges, employment hubs, shopping malls, multiplexes, restaurants and cafés. The more centrally located the property, the better the choice.
2. Amenities: Look out for amenities and attractions both within the residential complex and around to ensure that the property will remain in great demand. Parks, swimming pool, sports facilities, tourist attractions, and other kinds of social infrastructure are useful to have in the neighbourhood.
3. Safety: Picking a safe and secure locality to invest in is a must. Enquire about the crime rates and general safety provisions in the area before going ahead with the investment.
4. Future development: Find out about the plans for development in the area. Future infrastructural development can impact your project of choice either negatively or in a positive way. It’s advisable to invest in an area that is not entirely saturated in terms of development.
5. Property tax and insurance: From the financial point of view, the amount that you pay towards property tax and insurance can affect the returns on your investment significantly. Make sure that these rates work in your favour before going ahead with the investment.
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