India’s real estate market is flooding with various properties ranging from land to apartments, villas, and commercial spaces. So, how do you buy the right property within your budget?
Investing in real estate can be tricky, especially if you are buying it for the first time. Finding the right home within your budget is a challenge that most of them face.
Location
The first and foremost step while investing is an ideal location that you are interested in. It could be close to your workplace or a place you have always wished for; location is an important factor in deciding your investment’s worth. Choose a location that is right for you, depending on the purpose of your investment. For example, if you prefer a clean environment with a lifestyle close to your connectivity and enjoying the city transport facilities, then go ahead and invest in a budgeted apartment like Rusttagi Aarambha.
Budget
After determining the location, the second step is calculating the budget to invest in the new property. If you are a first-time homebuyer, it is better to know your loan eligibility from the bank, or you can take the help of a real estate developer. After budgeting, start exploring different options which fit within the limit. It is better to create small as spending beyond your limit can invite substantial financial burdens in the future. While evaluating the budget, remember to include additional expenses like registration charges, tax, interior styling, furniture, etc.
Size and type of property
It is essential to decide what type of property to invest in. Buying ready-to-occupy apartments is an excellent way of earning monthly income, as you can rent them out as soon as you buy them. Another affordable investment option is investing in an ongoing project. Ongoing projects will be priced much less than completed projects in the city. Prices will differ according to the number of bedrooms and amenities. Rusttagi Aarambha offers 1 & 2 BHK apartments, retail shops, supermarkets, and space for theatre at varied prices.
Know your needs
Another factor you need to look at during the property search process is knowing your actual purpose or need with the purchase. Different consumers will have different purposes for buying homes. For some, it might be the dream home you want to buy, and for some, it might be an investment for the near future. So, understanding your needs is imperative in the case of property investments. Also, if you choose a house, you may have some aspirations like having more space, a garden, a play area, security, and much more. Plan all these, and choose whichever specifications are essential while calculating the budget. Instead of unthinkingly buying a property, select the one that fits your budget and satisfies your needs.
Get to know your market
You should conduct an in-depth analysis of the prevailing market trends to save yourself from any possible real estate gimmicks. Being well-informed on the current market trends, prices, interest rates, and development will allow you to recognize the current market status and plan accordingly. If you see that property prices are rising fast in an area or will have substantial growth in the future, it is better to invest soon to gain significant returns on investments. Compare different types of properties in the same locality to find out the pros and cons of each. Always seek a second opinion from a certified property advisor before entering any financial deal. Checking the legal clearances is crucial while buying a property lest you get into serious trouble. Keep a check on the government’s prevailing real estate rules so that you are well informed about the necessary legal formalities. For example, in India, properties should now be registered under the RERA Act, which protects the buyers’ rights and provides more transparency in the transactions. Rusttagi Aarambha is one such project that is approved by MHADA and comes under PMAY (Pradhan Mantri Awas Yojana).
Clear your debts
Lastly, clearing your current debts will help you achieve your dream of buying the property you desire. While applying for a home loan, banks will analyze the credit score to income ratio. If you have a lot of pending debts, it is unlikely that you will get a required loan quickly. You can become a successful real estate investor if you manage your expenses.
We hope this article has given you a good insight into making a suitable property investment for your budget. A property can be a valuable asset, provided you invest in the right one at the right time with the right developer. So why wait? Make the most of this opportunity by investing in Rusttagi Aarambha.
