Things to know before purchasing real estate

Purchasing a house or a plot of land or investing in any form of real estate is a big decision. If you live in Bangalore, then the first question that always arises is if you should invest in luxury apartments in Bangalore or villas; should you go for 2BHK apartments in Bangalore or should you go for 3 BHK apartments in Bangalore? How about a plot of land? Will that be a better investment? While these questions are important to consider when planning on investing in real estate, there are some other important factors that needs to be considered as well.

Here are five important things every buyer should consider before purchasing real estate.

1.The value of the home

The best way you can be sure that you are making the right purchase is to invest in a property that is valuable. But how do you know if your property is valuable? Two ways!
One: compare it with other properties close by, which are priced at a higher value. Find out what makes them a better option and why are their prices higher. Then check for the same features in the properties you are interested in. This way you will make sure you do not overlook any fundamentals when purchasing your house.
Two: buy your property from a reputable builder such as DSR White Waters or DSR Lotus Towers or DSR Waterscape. This way you can be sure you are purchasing a top-class product, whose price will only increase in the near future.

2.Your budget

buying a property will invariably effect your pocket in terms of long run liquidity. The investment is heavy and many times we start off with a certain budget in mind but get lured in to higher expenses because of temptations. Don’t get swayed by those additional features that you never wanted initially but are coerced into by the sales person. The best way is to write down your exact requirements and budget before going to a site visit. Then compare all the properties with your initial notes and see which comes closest to match it.

3.Clean Papers

One of the most important things to look into is to make sure the property is clear in terms of documentations. There should be no litigation on the land, the person selling is the same person as the name on the document etc. It is a wise idea to spend a little bit of money to get a lawyer who handles real estate to go over the documents. As it could save you a lot of pain and money in the future.

4.Development of Surrounding Area

If the property you are purchasing is purely for investment purpose then it is a good idea to go and have a look at all the infrastructure in the surrounding area. Check for announcements by the government for any upgrades to an area like a highway, metro etc. Check online for future projects by premium builders. If they are building a premium project then there will be a spurt in the development. Some areas are already well-developed and investing in properties in such areas will be advisable. In Bangalore, look for apartments near ITPL Main Road, residential projects in Horamavu or apartments for sale in Whitefield.

5.Water

As simple as it sounds the fact of the matter is that water is one of the most important resources we need. If you are buying a farm land for agricultural purpose then you should check if there is a water body nearby or if the climate provides ample water supply. Likewise if it is a house for living then the same holds true. You need it for everything you eat in a day and if the water supply is erratic then it becomes a huge headache as well as an expense.
Not having a good water supply can actually depreciate the land value over time especially as water becomes scarcer.