Investing in real estate has become a trend in India. Not just residents, NRIs are also showing great interest in Indian properties. Owning a home is a symbol of prosperity, but it should more than reflect wealth. Although investing in gold and mutual funds is more convenient and beneficial, real estate tops the list. 2007 was considered as the golden age of real estate in India and the boom subsided afterwards, but it seems that ‘Achhe Din’ is back. The number of home buyers is increasing. There will always be a need for housing to live in, so it makes sense to buy a property. Let’s look at some facts that one needs to know before buying a property this year.

1. To live, one needs four walls and a roof, so that is a necessity. But the return on investment is proven. Within a small duration like a year or so, the appreciation will be pretty flat. Magic can only happen when the Government. rather plans for the best infrastructure of the location. When the growth is only 4 to 5%, it is not prudent to pay the 9.5% of the loan provided for the purchase of the property. This was when one wants to liquidate the assets for a shorter period of time. If one plans to keep the property for more than 5 years, real estate participation can be good.

2. Move-in ready properties are preferable to those under construction because repayment is instant if the house is given for rent and there is no delay in possession. With inflation rising and the need for comfort and convenience diminishing, affordable housing units are selling fast and for the young or newlyweds, renting is a more likely option. One should continue renting a house if the monthly EMI is more than the monthly rent.

3. It is advisable to pre-approve the loan so that the purchase of the property is not delayed due to paperwork, but there is a catch. One must finalize the deal within 8 months in a row, otherwise the loan processing fees have to be paid again. Consider finances. The higher the down payment, the more loan you can take out from the bank and the lower the EMI will be. Less EMI means less pressure on the monthly budget. So before you buy a house, try to manage the down payment as much as possible.

Four. Rent, rent, rent! One should never forget the age old rule of buying a property. Houses on the outskirts can be bought at more flexible prices than those in the city. They are on the periphery, away from the hustle and bustle of the city but closer to the life of the city. Prime locations are not in everyone’s budget, but these extended locations are connected to all major locations and can be a good bargain if one is planning to buy a property this time.

5. Invest in the builder with a good track record and results. If someone is planning to buy a property in the state that they don’t know about, it is advisable to go with the reputable builders. Instead of going blind, you can hire a professional agent with considerable experience.

The price of property in India is level. There is no room for correction. Builders already have the huge inventory they need to sell. The price is already the best they can offer, so buy a property now before the Indian property market turns around.