Now that we all have braved the grueling pandemic, the entire market including that of real estate is staging a comeback. The demand for apartments for rent in Gurgaon, IT office space in Noida has finally begun to soar like earlier. However, if you are one of those who want to invest in them, you must tread with caution. One needs to acknowledge this; like the financial market, real estate is not risk-free. Therefore, the first guard you need to take will be against overpaying for a particular real estate.
Avoiding the mistake of shelling out a fortune!
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Market analysis is the key
Before making an investment in the real estate space, you need to trust more on the data more than your gut. So it becomes important you consult property dealers in India to get an estimate of the current market price of the property you are looking for. Real estate agents can also help you in regard to the anticipated projection of price, market movement and how viable can that property be for commercial establishments or personal dwellings.
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Fix your budget
Do not shy away from setting up your financial bandwidth. The rule of thumb is simple- if the budget does not fit your financial budget for spending, the property is not fit for occupation. The major reason for overpaying is not hatching a budget that takes care of the volatility of the market, sudden hikes in prices, etc.
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Outstanding bills and expenses
Many property owners quote a price that appears to be lucratively reasonable. Little do the potential buyers realize that they are left with bills to pay in lieu of the previous owner. If you plan to buy a piece of land, be very cautious about outstanding loans as people may deceive you without disclosing the loans and take the actual value of the property. That way, you would have to repay the loan. To counter such outcomes, do ask for all the necessary documents and updated status of the loan taken if any.
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Choose reputable developers
Due to sheer market size and the plethora of opportunities to make a fortune, the real estate development sector has become a clash of titans and unsung players. While this may make the property hunt task seemingly easier, it has been seen time and again that the proposition eventually runs into a loss. While the big players have had hiccups, the lesser-known projects by the lesser-known real estate developers have fallen apart despite the hype surrounding them. Therefore, do not fall prey to such unscrupulous property dealers in India who coax you into nefarious deals and makes you overpay
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Avoid real estate that overstays in the market
Not all grand-looking projects are meant to be a lucky deal for you especially when they are staying unsold for longer than usual. One must need to exercise due diligence as to why a property at a prime location, despite so much demand is overstaying in its listing. Therefore, you need to use your analytical skills once again and get in touch with trusted property dealers in India who can give you a clear picture of the status of such properties.
We at JainOncor take pride in being one of the most trusted real estate consultancy firms with a national and global footprint. Over the years we have strived to deliver the highest level of satisfaction and transparency for all your real estate needs. Once on board, we relieve you of all the hassles and hurdles which are faced while buying or selling real estate.