Things to know before you buy a property
Buying a real estate property can be quite an experience, especially for the first time buyers. And now that this industry is blooming and growing in every aspect in India, more and more people are willing to take the plunge into their first property investment or their first house purchase. Reason? With this expanding real estate business in the country not just for residential houses but also for holiday homes, there is also a spread of knowledge and a sense of clarity on the subject, which aids the whole process of buying a property. Nevertheless, here are a few things to know before you do take the final step of buying a coveted property.
Location
Before you buy a house, it is important to run through the basics of the same - the location, the connectivity, and the amenities available around. And when it comes to holiday homes, a location ideal for vacations is a crucial consideration. Our luxury villas for sale and rent in Goa are situated at such nooks that offer proximity to all that a holiday requires, which makes them favourable for this purpose.
Manage Your Finances
Primarily, it is imperative to set a budget for your property. Secondarily, the amount to be invested from your end should be estimated well, and that includes not just the basics but also the various additional costs and the taxes. Thirdly, secure your down payment, explore your home loan options, and manage your finances wisely.
Trust on the Developer
It is extremely important to know and research on the developer well. One should be well aware of the reputation they hold in the market, which also decides the trust and reliability you have on them. At Isprava, we aim to build trust on an unshakable foundation. It is not just our mission to set the standard, but also to then exceed those standards of building luxury villas in Goa and houses for sale in Nilgiris.
Tax Planning
There are a lot of tax benefits available with home loans, which can be immensely advantageous. At the same time, investing in a holiday home and considering it as a source of income by giving it out for rent can also have pleasant tax benefits.
Legal Advice
If the main purpose of buying a home is investment, then it is extremely wise to seek legal advice to understand the laws that are applicable on you and the property and also on the tenants.
Besides the tax and monetary aspects of a property purchase process, which is highly important to consider is the long-time outcome that you plan on reaping from this investment. Say, if you plan on investing in a luxury holiday home for rent, a lot of recreational factors about it are to be thought of as well. Though, eventually, it is all about aligning your requirements, research, and seeking guidance.
Picture courtesy: Paizabazaar, Vakil Housing and Franchising.