When looking for a property to purchase, either as an investment to rent out or as your primary or vacation residence, there are always critical things you need to keep in mind. If you’re shopping for property in a foreign country, it is even more crucial you do your research. The following will explore some of the things you might want to be aware of before you purchase a property in India.
Especially if you are searching for a property for investment reasons, you need to learn about the market in the area you are shopping in. Real estate can make a wonderful improvement to your financial future if approached correctly. Read up on the value of the real estate in the area where you’re looking as well as any taxes associated with the purchase and several different publications projections for the market’s future.
Depending on where you’re looking, you might want to look into where and how the government plays a role in property sales and purchases. In West Bengal, for example, the government runs a portal called Banglarbhumi, which provides people with information related to plots of land. This information could be vital in your decision-making process as it often contains records as well as data related to things like disputes.
It is completely okay to buy a property that isn’t in the best shape of its life. Sometimes a location is too good to pass up, or the historic value of a building can be felt through the damages. Sometimes people look purposefully for buildings in need of some love and care as this means there is space to improve the value of the property and make a profit on the sale. This being said, it is critical that you understand what it’s actually going to cost to get the property into the condition you want; a good rule of thumb is to add 30% to both the estimated repair timeline and the estimated costs associated with the repair. It’s all too easy for a project to end up taking longer or costing longer because some unusual plumbing is discovered or further problems are realized once the drywall is ripped out.
One of the best things you can do when looking to buy a property is to get preapproved for a mortgage if you’re going to need one. This involves meeting with the bank, figuring out what you can pay, and getting their go-ahead for a mortgage in advance of actually trying to buy a home. In situations where multiple buyers are interested, being pre-approved can result in you being given the property over them as the process will be shorter and more straightforward for the seller.
The above tips should help you get ready to buy a property in India. This kind of decision takes lots of research and study, but don’t underestimate the role of intuition. If you feel like a property isn’t right for you and your family, move on and keep searching. The right property is out there.