Eight Tips for Launching Your Real Estate Career
Eight Tips for Launching Your Real Estate Career

Ever since humans evolved from apes and began thinking about themselves, it has been an imbibed characteristic within us to search for a place to live or to take shelter. Accordingly, people have been trading and investing in a lot of realty for the sake of their comfort, luxury, family, future and likewise. Almost all people have an investment portfolio in either stocks and shares or gold, which are deemed to be relatively safe, while others resort to banks, bonds and government scheme offerings. However, what intrigues me the most is that most people are skeptical of investing their money in real estate.
Why, you ask me? Well, firstly, real estate investments can act as monetary security for future generations. Secondly, the land value of any given Tier-1 or Tier-2 cities are always on the rise. Lastly, real estate investments are comparatively safer than all the other modes which I’ve previously mentioned before, albeit with some calculated risks. The appreciation value of real estate is higher than all the above on any given day and can get a significantly higher return of investments, either in short-term or long-term. It is advisable to invest in real estate as it is booming, especially year after year. Market trends are a testimony to this fact.

If you already have decided to begin investing in real estate or have decided to do so now, you are at the right place at the right time. It is crucial that you begin doing so at the earliest. But, before that, there are a couple of things that you need to be aware of if you are starting out with a career in realty. Here are some of the key-points that every individual should be aware of before foraying into realty investments.

Research & homework: It is imperative that one has to do a lot of homework and/or research about the property that you want to buy in a specific town. Let’s say you want to buy properties in Mysore, Karnataka, India. With a lot of options popping up each day, people are bound to get confused with the right property to invest on. One of the major business tactics in play is sugar-coating. Sellers often employ such techniques to convince you into buying their property. What the buyer, you, should do is to pull up as much information as possible regarding the details of the property, like – the amenities provided, history of the builder, property location, materials used for construction, accessibility to the property, etc., are some of the factors to be considered. Needless to say, you need to take a wise call after assessing all the details.

Talk to people in the neighborhood: Once you are done with your homework and have zeroed-in on a property in an area, talk to people. Conversing with people in the neighborhood of the property can help you in unimaginable ways. They are the kind of people who have no business affiliation with you so they, in most cases, reveal only facts and information related to that area and locality. This helps you get a very good perspective of the prospective property that you wish to buy and the details of its surrounding locality. If the views are positive, you can be sure of your investment.

Check the current market rate: In India, the local governing body for properties mandatory announce the guideline value of properties in that specific area. It is done to help investors know the price of a property in that area. You, as a potential investor, should be aware of this rate so that it helps you in assessing your funds and also ensures that you do not end up paying an amount that is exaggerated beyond the value prescribed by the government. Also, you should be aware of the trends in the market to assess the future value of the property. If you are looking forward to buy plots in Mysore, you could extract information from the internet regarding the price trends of properties in Mysore or sites in Mysore.

Calculating your finances: After you have narrowed down your choice of investment, you should not forget about your finances. Handling them in a smart way is the way to go about it. Calculating the amount that you have in-hand to invest and keeping an initial and a final amount in your mind is most essential. If you are looking forward to take loans from banks, it is important that you have an idea of the interest that is being levied on your loaned amount and the total amount that you will end up paying in all installments.

Risk factor consideration: While it has been earlier mentioned about the comparative safety of investment in real estate, you should keep in mind that no business transaction in this whole wide world is 100% safe and secure. A lot of sellers try to push a property that might be in litigation or facing legal problems. You should be aware of such fraudsters and take all possible precautions to minimize your risk factor and make it a hassle-free process.

Negotiation with sellers: Negotiation is an art and comes by birth with some people. Especially in India, negotiating and bargaining are some factors that play a major role in every line of business dealings. While it is implied that some people get it by birth, it can still be learnt for those who do not know how to do so. If you cannot do it, take someone with you who can do it for you. Trust me, it helps you save a lot of money; and the perquisites that come with negotiation can sometimes be very rewarding and satisfactory.

Check the documentation: This has to be the ultimate and the most important factor that you or any buyer should know before attempting to purchase a property. With a lot of fraudsters waiting in the market to dupe you, it is very easy to get scammed with fake documents of the property, ensuing a long and tiresome legal battle that might go on forever. You definitely would want to avoid falling into that trap. One way to avoid this hassle is to consult legal experts and get the documentation of the property verified before parting with your hard earned money.

Patience is virtue: Lastly, purchasing a property can be a tiresome affair as it tends to take days together, if not weeks and months. Sometimes patience is rewarding as waiting might result in good offers popping up on your radar. Although there is no guarantee for the same, it is often advised to not jump the gun and miss out on a bargain of an offer. Also, if you are looking forward to re-sell your property, patience gives you handsome rewards. Wait for the right time to put up your property on sale, as it brings in a lot of profit margin. Never, ever, be overhasty in taking decisions when it comes to realty. After all, many leading pioneers’ success in real estate have shown us that patience is virtue.

Eight Tips for Launching Your Real Estate Career
0
9
0
Published:

Eight Tips for Launching Your Real Estate Career

0
9
0
Published:

Creative Fields