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Owning your first property – Top 10 Tips

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Owning your first property – Top 10 Tips

People buy property either because they want to build a home, or as an investment; some people

may even buy a house or apartment, not just a plot. If your purpose is investment, you also need to

consider if you’re just going to sell the land later, or build a house and let it out on rent. If you’re

buying property to construct a home for yourself and your family, the considerations are entirely

different of course – you need to make sure you have good access to roads and public transport,

proximity to markets, educational institutions, healthcare, and so on.

However, a lot of people do buy property with a view to investing surplus funds – to earn more

returns. In fact, real estate developers in Kannur will vouch that investing in property is one of the

safest and most profitable investments you can make.

Owning your first property - Top 10 Tips

Owning your first property - Top 10 Tips

Here are a few things to keep in mind when you’re going to invest in real estate:

1. Educate yourself: No, we’re not talking about a college degree! Read up on real estate

investments; understand how the industry works. You can do this by reading blogs and

magazines and joining discussion forums.

2. Plan well: As I mentioned before, plan what you’re going to do with the property; are you

going to build a house and let it out? Then you need to earmark funds for construction and

so on. Are you planning to sell it when the price goes up? Then you have to make sure you

get your timing bang on – both when you buy and sell.

3. Are you going to buy a plot or a house that’s already built? Or would you rather buy an

apartment? If it’s an apartment you want, how many bedrooms do you want it to have?

Would you consider a duplex? Again, is this for your personal needs or for investment?

Many, many, questions will crop up, and you need to able to answer all of them, to zero in

on the house you will eventually buy.

4. Pay off any existing loans: To get a loan from a bank to buy property, you need to ensure

that you reduce your debt, according to property developers in Kannur. This includes paying

off any outstanding EMIs, credit card bills and the like as well.

5. Think about financing: You may not have ready cash to pay for the property you’re

interested in. You have to think about financing; there are loans available from banks as

well as financial institutions and each has their own terms and conditions. Check them all

out and see which will work best for you, and then apply.

6. If you’re buying a home for the first time, it may be more sensible to buy a lower cost home;

this way you can save some money on registration and other expenses.

7. If you’re buying a cheap house to turn it into a rental property, make sure you have a good

contractor who will do a tidy job at a reasonable price, otherwise you may not get the

returns you want.

8. Location: This is most important if you’re looking to settle down there yourself, but even if

you’re planning to sell it later, you do need to consider the location. Proximity to hospitals

and clinics, markets, educational institutions, public transport, shopping centers – these are

important. According to construction companies in Kannur, here you have to additionally

check if the place becomes waterlogged in monsoon as the state receives heavy rainfall.

Check out the neighborhood – is it predominantly middle class, are there more

professionals, is it a higher end rich businesspeople type neighborhood, and so on. Think

where you will be a good fit.

9. Calculate your ROI: If you’re planning to rent out the house, calculate how much you’d need

to spend on construction or fixing up the house, and plan to get at least a minimum 10%

return on your investment, and fix rents accordingly.

10. Be Patient: Don’t expect prices to shoot up overnight, or rental checks to make you rich in a

month; be patient. Property always yields returns, but it takes its own sweet time.

If you are interested in investing in Kannur real estate, we at KMG have numerous options for you.

Give us a call on +91 9895151440 today.

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