Do you
know real estate investment can do lot of wonders for your financial
future?
However,
just because doing investment in real estate delivers stellar returns
does not mean it can definitely help you reap potential rewards if
not researched meticulously. Secret
behind getting those great returns lies in understanding fundamentals
of what makes a great real estate investment and focusing on buying
only the best real estate.
If you
start investing without any research, planning or knowledge it can
even hurt you with sheer wastage of your money and time.
I am
sharing
this
from my personal experience. I know that financing your first
investment property can be daunting task. Just follow these few steps
before you buy your first investment property-
1.
Think about what you are buying : Make a proper list of what
do you want in your own flats/apartments/home. Investors have
different goals in mind. Some want to buy a rehab property, fix it
up, and sell it quickly for a big profit. Others specialize in
pre-construction,
which
means they put a contract on a home in a development before
it is built and
then
sell it for a profit, some buy for renting
ouse
to get the profit for indefinite years. Whatever the objective may be
for investing in property but you should know the numbers including
the cost of financing, a down payment, advisor fees, repairs, etc.
2.
Find a suitable property/ Property Research carefully :
Do a
proper research for the property whether you are selecting a
residential investment property, commercial investment property, or
even a holiday rental investment property there is ample opportunity
to invest.
Location:
Find it out whether the property is conveniently located & is
well connected or is likely to experience property price growth?
Demographics:
Is the property suitable for the type of tenants in the area, e.g.
low-maintenance apartments for young professionals?
Infrastructure:
Is there appropriate infrastructure in place, such as transport,
shops, cafes and schools?
Development:
Is there any development planned for the area that may improve
existing infrastructure, leading to possible improvements in tenancy
rates or price growth?
3.
Planning : The biggest reason many investors lose money - whether in
stocks, mutual funds, real estate, or business is due to lack of
planning. You would not consider driving from Mumbai to Vizag knowing
only that the direction was “somewhere south.” A plan will help
you get from where you are right now to the place you want to someday
be. It helps you to reduce the risk of wasting money and time.
4.
Gather Your Paperwork : Be prepared to provide copies of six month’s
bank statements, investment account with retirement account
statements,the last two salary slips if you have a regular paycheck
job, driver’s license and Social Security card, and bankruptcy,
divorce or separation papers, if applicable. If you are
self-employed, you may be asked for some or all of the following:
business license or occupational license, letter from your CA
establishing two years self-employment, last two year's tax
returns, business bank statements, and business financial statements.
5. Get
Pre-Approved : Before you start house-hunting, get pre-approved for a
loan through a broker or lender, and request it in writing. That
piece of paper can be very helpful when you negotiate the purchase of
a property since it gives the buyer greater assurance that you won’t
tie up the deal and not qualify.
In
addition to this, if you you are looking for best investment property
option then go with the TheCelest – First FDI real estate project
is offering luxury home in Visakhapatnam, 2 and 3 bhk flat
and duplex apartments in Visakhapatnam. Buy 3 BHK apartment in
Gajuaka, these apartments are luxurious and offer world class amenities.
