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Business News/ Money / Personal Finance/  Real estate investment: Avoid these mistakes to get the best returns
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Real estate investment: Avoid these mistakes to get the best returns

You must keep in mind a few key mistakes to avoid while investing in the real estate sector

Real estate hunting requires a lot of patience and not having this can lead to impulsive buying.Premium
Real estate hunting requires a lot of patience and not having this can lead to impulsive buying.

Planning to buy property for the purpose of investment? To ensure, you do not make losses while selling property, you must keep in mind a few key mistakes to avoid while investing in the real estate sector. A buyer should check a dozen properties before the search can even begin to be comprehensive, to avoid impulse buying. Real estate hunting requires a lot of patience and not having this can lead to impulsive buying.

“Prior to purchasing a new cell phone, when we frequently look at different models and pick the one that accommodates our necessities. The equivalent goes for real estate, which requests more thorough diligence ranging from the development, plan, area, calamity zone, the justification behind selling, offices close by, amazing learning experiences, driving issues and that's only the tip of the iceberg. The purchaser should know the target of purchase. They should know prior to buying if they are searching for a home to reside or a spot to lease for. One should comprehend that real estate needs standard upkeep and remodels, which need extra capital from your pockets. Clarity on these pointers can ease your work," said Nakul Mathur, MD, Avanta India

Annuj Goel, MD, Goel Ganga Developments said it is advised to stick to reputed names, to de-risk your buying and skip the after-sale service. Neighbourhood, infrastructure nearby and all the required needs of the family should be catered to

'Don't buy from brands that you have not heard of. Buy only from reputed brands. Don't forget to check your builder’s background. There are many in the market who have sold one flat to multiple people, he added.

The real cost reality sector shall be calculated before you buy any property. Should ensure GST, registration, stamp duty, brokerage, furnishing, cost of borrowing etc

“Purchasing land with the end goal of investment, acquiring robust long haul benefit is the key motivating force. Nonetheless, purchasing property means taking into account some factors that are closely associated with the deal. The real cost reality sector will be determined before you purchase any property. Ought to guarantee GST, enrollment, stamp obligation, business, outfitting, cost of acquiring and so on. This can push your cost 25-35 per cent higher. There are extra costs that might change starting with one spot then onto the next and the area of the undertaking. For an under-development property, the purchaser needs to pay GST at 5%, 5 to7 per cent for enlistment and stamp obligation relying on the state standards," said Suren Goyal, Partner, RPS Group

If you are willing to buy a good property, it always requires ample personal research at various levels.

 

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 16 Feb 2022, 09:01 AM IST
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