What to Check Before You Seal the Deal?

34Searching for a dream home is like looking for a needle in a haystack! We comprehend that the process of buying a new property is both overwhelming and demanding.

Driving your way from one part of the city to another and running down through each street is a hell lot of work. And, when you are narrowing down to a few of the umpteen choices out there, you ought to pay attention to certain key points. Here is a list of the additional digging which you must do to ensure that the property you are going to buy has everything you wanted.

Now, let’s not beat around the bush and get straight to the point.

Check out all the ‘pre-owners’!

If you want to know the ‘condition behind the paints’ (i.e. the actual state) of the house, you can get a hint about it by going through the list of the previous homeowners. More people would mean more attrition! Thus, the number of times the house has been flipped or foreclosed would help you interpret that how the place has been treated previously and how much value does it hold currently.

In addition, the time for which the current owner has stayed in the house conveys a lot! It might help you understand the key reason as to why the seller is selling it.

Take the advice of an insurer!

Get in touch with an insurance provider and calculate the insurance cost of the plat with his help. The cost of insurance is dependent upon various factors, including the location of the property. For instance, if it is situated in a flood-prone area, the cost will obviously be high.

Things like these make up for essential questions that a buyer must know. So, be ready to get exposed to surprising and hidden facts about your would-be property.

Work it out with the seller!

Read the fine print of the deal document carefully. Figure out what your seller actually means with each clause. All this will help in preventing confusions, regrets and unnecessary arguments later on.

Basically, the picture should be clear!

Comfortable is preferable!

When you are moving to a new site, it is important to make sure that you live happily and comfortably there. Talking with your neighbors and assessing their behavior is the first step. Next, you may like to know that how far are the ‘significant places’ such as hospital, fire-station, place of worship, supermarket, etc., from the property under discussion.

After all, being isolated is not always favorable!

Don’t forget security!

You may forget anything else, but not this! Undoubtedly security is critical for your well-being. To start with, inquire about the crime rate of the locality from the local police department and search some online sources. Next most important facet is to check whether there are any security systems installed at the location or not. Security cameras can help a great deal in deterring crime and burglary.

Verify the facts related to security in person!

Be clear about your future goals!

Property is something that you are investing all your hard-earned money into. While buying a new one, just think about your future motives. For instance, you might want to put a room on Airbnb at some point or build a shed in the backyard. Thus, a lucid ‘what you aspire’ list should be made and a thorough research should be conducted to ensure that your motives can turn into reality.

Thinking about future plans is imperative to settle on the right choice.

Whatever is your purpose of investing in a new property, it is important to be 101% sure before you sign the papers. The money that is once gone does not come back. So, just put in all your efforts!

Hope the above tips help you cross-check on your selected location and you get the place of your dreams!

What Makes Kanakapura Road an Ideal Location for Real Estate Investment?

33Ideally located in the South of Silicon Valley in Bangalore, Kanakapura Road has risen from being a green jungle to one of the most coveted localities of the city. Being a clean and green suburban area of Bangalore, the locality got a place on its realty radar owing to its good connectivity features. It is flanked by lakes and green landscapes and offers better standard of living to the residents. Soon after realizing its importance as a good residential neighbourhood, Projects in Kanakapura Road Bangalore started mushrooming, first in the central areas and then the outskirts. Infrastructure and connectivity works out in favour of the location.

INFRASTRUCTURE

Because of a good physical and social infrastructure, the demand for a 1 BHK Flat for Sale in Kanakapura Road started picking up pace a decade ago. Its serene neighbourhood is surrounded by world class architectures, some already completed and some under construction. It is majorly seen as a recreational destination for those living in posh area of South Bangalore. Disneyland is going to be developed in the city and several other theme parks will also be developed. There are ample social amenities to support a busy urban lifestyle.

CONNECTIVITY

The locality is connected by Kanakapura Road that connects central parts of Bangalore to its posh southern areas and the CBD. NICE Ring Road also runs through its localities connecting it to West and East. Upcoming metro connectivity will amplify the connectivity status of the city. It is an accepted fact that when connectivity features of a locality are improved, its realty market flourishes. The launch of so many Projects in Kanakapura Road Bangalore can be attributed to this factor. The Bangalore-Mysore Infrastructure Corridor project is another important point to be considered.

REAL ESTATE SCENARIO

Offering a cultural, spiritual, educational and leisurely lifestyle in Bangalore, Kanakapura Road has made its mark on the city’s realty landscape. It has a flourishing real estate market with 1 BHK, 2 BHK and 3 BHK units in apartment form and independent development. 1 BHK Flat for Sale in Kanakapura Road receive the highest demand from young professionals for the purpose of end-use as well as investment. The average property price in Kanakapura Road is Rs 5,315 per sq ft. Since, the locality also has a healthy rental market, a number of buyers put their homes on rent.

Due to the improvement in its infrastructure, commercial real estate will also get a good appreciation in the coming time. Metro connectivity will further push the demand. Its proximity to the important centers of Bangalore makes it a perfect locality to make an investment in. Property prices have seen a constant appreciation over the past five years and the trends is likely to remain the same for quite some time.

Top 3 Locations for Real Estate Investment in Lucknow

32In the ‘City of Nawabs’ Lucknow, it is not only the historical buildings and tempting delicacies that make its top news. Of late, it has gained popularity as a residential hub and has a flourishing realty market. A number of reputed builders including Parsvnath and Omaxe are competing to launch Realty Property for Sale in Lucknow. Its rapidly developing infrastructure and connectivity features are the two among many other reasons why this market is gaining extreme popularity.

In addition to a set of modern amenities, affordability is also a reason why homes are so coveted in the city. Let us talk about a few important localities across Lucknow where you must invest in order to earn handsome returns:

Gomti Nagar and Gomti Nagar Extension

This is probably the fastest growth corridor of the city. It showcases a variegated mix of residential and commercial properties when being easily connected to all important parts of the city. This was also one of the first areas to attract the attention of realty developers as large parcels of land lay undeveloped in spite of being close to the Central Business District (CBD) of the city. Nearly all of Lucknow’s shopping malls and branded stores are situated along this belt. Gomtinagar also houses the headquarters of some of the most prestigious companies like NTPC, LDA, TCS, Hindustan Times and the Passport Office. Quality educational centers, specialty hospitals and world class entertainment facilities further add to its social framework.

Kanpur Road and Faizabad Road

These two belts are also counted among the most sought-after affordable housing hubs of the city. Property under 30 Lakhs in Lucknow can be availed in abundance along these belts. An IT corridor has been planned along the Kanpur Road belt which will boost commercial development in the area. On the other hand, Faizabad Road is known for its retail establishments like Toyota and Nissan. These two locales are very affordable as the varies between Rs 2,500 to 3,000 per sq ft.

Jankipuram and Jankipuram Extension

This belt is still in the initial stages of development so it is rising as another center of affordable living. Though a full-fledged social infrastructure is not in place, the locality is slowly developing. It is an extension of the Aliganj-Nirala Nagar belt and therefore enjoys good connectivity with rest of the city. IIM Road is also nearby which is witnessing good development as well.

Apart from these, Vibhuti Khand, Hardoi Road, Rajajipuram and Raebareli Road also see great real estate development. The main factors contributing towards Lucknow’s realty augmentation are its strategic location surrounded by high-potential micro-markets and the upcoming metro connectivity. However, polluting of the Gomti River is a matter of concern that the authorities must look into.

3 Pitfalls That Can Kill Your Real Estate Investment

31Countless of people have been known to have made their fortune through real estate investing, and you might have heard of a friend, relative or colleague who likewise, have achieved a significant increase in their net worth when they sold off a property they have invested in years ago.

Others have found financial freedom through their property investments, as their portfolio of well-chosen properties has given them a sustainable flow of rental income. Robert Kiyosaki of Rich Dad Poor Dad fame is one of the major advocates of property investing.

However, just like investing in any other assets, investing in real estate requires thorough planning, preparation and implementation work. Here are some common pitfalls to avoid before you invest in your first real estate.

Pitfall #1: Investing in real estate is not a get-rich-quick scheme

Investing in real estate is often promoted as a get-rich-quick scheme by the so-called gurus of real estate investing. However, this cannot be further from the truth. It takes time to pick a great property that will appreciate in value, and in the event if you picked the right property, more time is needed for it to appreciate in value. And just in case you are wondering, the flipping of properties in an attempt to get rich quick can be a risky endeavor!

Pitfall #2: Not doing a thorough preparation and research

Real estate as an asset class works just like any other long-term investment, you will have to plan in advance, work hard to search for worthy property deals (or get a property agent to do it for you), understand how a property can fit into your investment plan, calculate the cash flow that can be derived from the investment, and the list goes on.

Furthermore, unlike liquid assets such as stocks real estate constitutes an illiquid asset class. This means that it is difficult for you to liquidate this asset immediately without the risk of suffering loses to the actual value of the asset. Thus, a more thorough research is needed to justify the investment.

Pitfall #3: Not doing due diligence

Not all properties will appreciate in value over time. Factors such as the future development plan of the vicinity, the population trends of the city, the economic health of the city or country all contribute to the viability of a property investment.

Unfortunately, new investors make decisions to buy properties based on ‘gut feeling’ or on a vague idea or belief that the given properties will appreciate in value. They buy it based on the sales pitch given by their real estate agent. They don’t do their due diligence about the deal, the costs or the market conditions, and they wind up draining their personal savings because the house needs extensive repairs or they can’t sell it.

Conclusion

These are the three major pitfalls of investing in real estate. Read widely and research thoroughly in the property you are keen in investing. If you can commit to thorough research before committing to a property, you will avoid the common pitfalls that has plagued investors and radically increase your probability of making a successful investment.

About The Author

Kwan Hong helps professionals, business executives and youths gain rapid mastery in communication skills, personal peak performance and career growth. He has delivered impactful workshops and facilitated seminars in public speaking, communication skills, leadership, personal peak performance, entrepreneurship and business development. He has synthesized knowledge from 8 Degrees and Diplomas, from over 100 certifications and from 1000 books to bring his clients the best tips, tricks and techniques for personal success.