Investing in a property is a risky business and you have to take many factors under consideration. This becomes even more daunting if you are investing in a property for the very first time. One of the major reasons behind this is that most people are unclear about their aim of investing in a property. While some are looking for a house to live in, some are hunting for a good house that they can raise on rent and turn into a second income source. Some people are looking for houses just for wealth creation or investment of their money.
While all of them have different needs, if they are not careful, they will not be able to make the best decision. While a home to be raised on rent can come with a somewhat lesser number of features, a home where you have to actually live cannot come with shortcomings or adjustments that you might not like later on.
Hence, it is important to learn how to invest in a property before you buy it, especially if you are starting out with a budget.
Here, we are sharing some of the best tips and pointers to invest in a property in Kerala in your budget. Kerala is currently having a highly dynamic real estate landscape and investments are ongoing side by side with the development of various zones.
So, follow the tips shared here and make the most of your investment.
Steps on How to Invest in a Property in Kerala within your Budget
The very first step that you have to take while investing in a property is to find the ideal location. While you might be required to change your offices in the due course of time, you must choose a place that is not very far from the major areas where you are most likely to work. However, if you prefer to live away from the bustling cities, then areas like Angamaly and Ottapalam etc are some of the best options. They are not devoid of common facilities and also offer you a peaceful location. Further, there are many builder projects that are ongoing in these areas. So, it is easy to find the houses for sale in Angamaly and Ottapalam at affordable prices.
Also, you will be requiring the facilities such as schools, colleges, hospitals, restaurants and entertainment centres nearby. Hence, choose the location wisely.
2. Figure out your needs
Once you have finalized your needs, such as whether you are going to live in a house that you are considering buying, or you are going to raise it on rent, or you are looking to invest in a house just for wealth creation. This will allow you to make a better decision in terms of locality, price, facilities, and budget. For example, if you are buying a house where you are not going to live at once, you must ensure that it is located in a well-guarded community so that you don’t have to spend the sleepless night thinking about its security. It is a common occurrence for unoccupied houses to be subject to public vandalism and unauthorised occupancy. So, take care to choose the right place.
3. Finalize the budget
Now that you have decided the location and figured out the purpose behind the investment and what type of property you are wishing to invest in, you are ready for the next step. This is calculating your budget and finding out how much money you are going to pay from your bank balance and how much you are going to get via a loan. You also have to figure out which type of loan or cash limit you are going to opt for. Also, you must check out whether the loan interest rates vary for men and women etc.
You can consult the property advisors for this as well. They have the most updated information regarding this and can help you choose the best financing option. Finally, you can start exploring the different property options as per your budget.
However, you must take care of not taking a huge loan that would span over decades. Always balance your expenses and salaries well to avoid any kind of financial troubles.
4. Size and type of property
Next, you have to choose the size and type of the property that you wish to invest in. There are many things that you must consider in this regard, such as the ones mentioned below:
- Location of the property – Detached house, villa, apartment, gated community, or high-rise society, etc.
- Type of the property – Flat, house, villa, traditional house or readymade houses of the same style in a community.
- Amenities – CCTV, security guard, gated entries, hospitals, parks, malls and schools available in the community or not.
- Public gatherings, maintenance and additional fixed expenses, etc.
While finding a property suited to your budget, always take care of picking a property that doesn’t call for heavy investment in any sense. Ask for any hidden or additional costs in the first meeting itself and always take a friend or a family member with a good understanding of the property sector along with you. Take time and always compare two or three properties at least.
5. Choosing the right builder
It is also important to choose the right builder for getting the best value out of your investment. You can explore the market reputation of the real estate builders in Kerala yourself and then finally make the decision.
This completes our list of various tips and pointers that you must follow while investing in a property in your budget. We hope all our readers find it helpful and make the best investment decision. So be wise and invest in a property within your budget by following the points mentioned in the article. You can also refer to other articles in this website too which will help you in all your real estate needs.
Don’t forget to comment your views and doubts if you have any!