Prudent Tips for Young Property Buyers

Investing in a real estate property is one of the biggest financial decisions in every property buyer’s life. If you are young, still early in career and a prospective buyer looking to invest in the real estate market then here are a few tips for you. If you have planned to invest in a property that should yield healthy returns in future. You should consider a property from which you can enjoy a good appreciation in property prices.

Before investing in property, one should be clear about their financial status and Points to know while investing in residential plot or an apartment.

Residential plot:

• Invest in plots for a long term perspective. If the plot is sited in peripheral localities, the benefits from the plot can be obtained after 8-10 years. To estimate the benefit of investing early on residential plot, use formal indices like Prop Index.
• The hitch of investing in land is significant time taking, risk in hiring an architect, worrying about maintenance, water supply, electric supply and many others.
• Investing in residential plots gives flexibility to construct your dream home, according to your taste and requirement. You can choose the design what you want, space allocation and configuration.
• The price of Residential plots depends on the locality where you are choosing as a prospective property buyer. Peripheral areas commands less compared to Central localities as they are in the developing stage. With the lack of space the major cities like Bangalore are gradually branching out to offer an accommodation for migrants and Young professionals who came for employment purpose. This is when the outskirts start developing and it also in the social infrastructure of the locality.
• Before investing in Plots, it is always better to study the realty market as plots are prone to the jeopardy of litigations. Illegitimate occupancy can lead severe consequences.
• Plots do not deflate with time; this is one of the greatest advantages of investing in Residential plots.

Multi-storey Apartments:

• Usually, the apartments are a lifestyle choice. Most of the Young property buyers prefer apartments or flats as they are easy to maintain.
• While investing in apartments/flats do research on location and choose a locality which is more beneficial to you.
• If your residential property has a location advantage such as connectivity, proximity to the job market, super market, banks etc. you can obtain a high rental returns; with plots there is no such benefit.
• The price of apartments is not only depends on locality, it also includes a brand of the builder, size of unit, additional features and amenities. You can obtain an affordable unit with common facilities or luxury units with splendid amenities.
• If you choose affordable units with common features like security, electricity, and power back up and water supply, you can save a lot of money.
• If other locality develops as more prime, the apartment’s value may depreciate with time. It serves well for short term. Apartments are easy to sell.

As a young property buyer, you should be very cautious as it is a stepping stone for success. Before choosing a developer, check out the track record of the builder. Don’t fail to notice a documentation part, take a help of an advocate to manage a paper work legally. Don’t hesitate to spend money on engaging a lawyer. This would help you to avert hassles in your investment. Saving the money is an easy job compared to deciding the place where to invest. Being as young property buyers, consider the pros and cons before investing in the realty market.