The year 2019 is the year of political uncertainty. With Indian General Elections coming up, it could be the time for complete government rollover, and any major change in Indian politics directly affects the Indian economy and, in turn, the real estate market. While the sluggish and sagging Indian real estate market has already started witnessing a recovery in 2018 and promises to only get better in the year to come, real estate investors and new home buyers need to be wary of the upcoming political changes and make a calculative move.
In this article we’ll share some excellent real estate investing tips that can help you ride high on your investments in the year 2019:
- Carefully study the market trends
Well, this is a no-brainer! Before making the big move of investing in the real estate market, you must carefully study the ongoing as well as the upcoming market trends. What worked 2 or 3 years before might not yield favorable returns now. So check with your real estate agent about recent property hotspots; do in-depth research about locality, its neighborhoods, city trends, interest rates; check for developer’s credibility and visit the property site several times before making the final purchase decision.
- Pay attention to the future market value of your location
While investing in real estate, we always plan to buy a property that can give us higher returns on investment. Determine the FMV of your property or talk to experts to know if the property will work in your favor.
- Second cities and satellite towns are the new key markets
Thanks to good infrastructure and improved connectivity, recent years have seen a steady shift in buyers’ interest from posh, ‘star-status’ localities to affordable, transit-oriented homes. Presence of industries, schools, supermarkets, and IT parks have further fueled up growth and promise superior returns in the future as well.
So, if you are planning to buy a new house in 2019, try to capitalize on low-cost locations that offer new opportunities at pocket-friendly prices.
- Prefer space oversize
Compact houses have become the need of the hour. Majority of the home buyers in Tier 1 and 2 cities are looking for more livable space than its overall area, and the trend doesn’t seem to be fading away anytime soon. So, it’s best to go with the market flow and prefer space oversize when making a choice.
- Consider amenities and services as a big plus
Builders and real estate developers have been engaged in the race of luring their customers with new amenities and technologies. Fancy gyms and rooftop access don’t attract home buyers anymore. They look for amenities that help make their life simpler and fuller. To bank on sizable ROI on your investment, invest in a project that offers cutting-edge multifamily developments and eco-friendly environment.
- Look for ready-to-move-in apartments
Whether you want to move into a new house or want to make a profit-worthy investment, ready-to-move-in apartments are always a favorable choice over under-construction projects. They give you an instant return on investment and help you quickly pay your liabilities.
- Clean up your credit report
A stellar credit report is a golden ticket to buying a new house. It helps calculate your credit score, credit responsibility, overall worthiness, and helps you get a home loan at a much lower interest rate. So, before buying a house, work on cleaning up your credit report and pay away all major chunks of debts to make yourself more home loan worthy.
- Tackle the affordability crises
Purchasing a house is a big investment and a long-term commitment if you are planning to buy it on loan. Carefully calculating the money that you can give away as down payment can help you estimate your loan amount. Try cutting back on the luxuries of life to save more money for your down payment. Always remember, the higher the down payment, the lesser the monthly installment that you need to pay towards your home loan.
- Partner with an expert
A real estate agent knows the neighborhood better than you. After understanding your requirements and budget, he can help you buy a home that best fit your needs. However, be clear and precise while narrating him your requirements and make sure he has a proven track record to back his credentials.
- Care for a thorough home inspection
Whether it’s a new construction or an old house, there could be bigger problems in the smallest corners of the house too. Therefore, getting a home inspection done is a big mandate and something you should never miss on. Go over every single detail of your home and identify issues if any. Tell the owner to either get them fixed before you make the purchase or use them to your favor as price negotiating points.
Real estate investment opens up opportunities for fabulous returns. However, you need to carefully plan your investments for bigger profits. Keep these pointers in mind and make a profitable decision.