4 Tips to Get the Best Residential Real Estate Deal

Real estate is one of India’s largest and most booming industries today. Although it’s had its ups and downs in the past three years along with fluctuations in the economy, conditions are looking up in 2015. When you’re looking for a wise investment, you’ll want to not only consider potential return, but also how to get the best deal in the first place. Prices vary with time, location, and what the market has to offer. Builders who may have once been considered developers of premier property could be yesterday’s news. Here are four tips about how to get this year’s best deals in residential real estate.

 

1.The Right Real Estate at the Right Time

One of the main factors to take into account when you’re trying to get the best deal on real estate investments is that the timing is correct. Right now, for example, according to IndiaHomes.com, luxury housing is most in high demand. This is due mainly to business professionals looking for premium interconnectivity between home and the office, as well as expats who have short stays in India. The luxury apartments in Gurgaon by Unitech are a perfect example of Unitech’s in-demand high end homes and secure gated communities. Before you take the plunge and invest your hard earned money in a particular type of property, make sure to time your purchase the right way.

 

2. Predictions Are Important

In order to predict how your real estate investment will perform in the future, pay attention to what’s going on in the region as well as statistics. In the case of Gurgaon, although the market slowed down for a time after the economy lost traction last year, now that it’s improved again, you can rest assured that Gurgaon will continue to fulfill its potential. Searching for real estate in overcrowded areas or places that already have overinflated prices is a bad decision. Look ahead toward the future in order to decide where you want to lock in. Another aspect of real estate that many Indian and expat buyers are looking for these days is the availability of luxury. While purchasing a modest flat in a larger building fulfills the dream of homeownership, that doesn’t mean it’s the only way to go. Make sure you look into all the possibilities, since different properties range widely, including everything from opulent, private villas to more affordable flats.

 

3. Searching While on the Go

While exercising common sense is a good way to start your real estate search, in order to keep tabs on current deals, you need to be able to search on the go. According to Business Today, a recent survey found that the number of real estate buyers using a mobile device to access property listings has increased three times as fast as desktop browsing. That means that there’s an army of multi-taskers out there who you’re up against to find the latest and greatest deals. Make sure you don’t drag your feet when you’re trying to look for the best opportunities. Once you’re totally serious about purchasing residential real estate, stay on top of the market and be ready to strike when the iron is hot.

 

4. Plan Expenses Far in Advance

Planning when to find the best deal in the real estate market is wise, but you also need to take into account your own personal finances. Most real estate investors or new homeowners end up taking out a personal loan with a mortgage in order to complete the sale of a home. Before going that far, though, you need to make sure you’re in a position when it’s possible to not only purchase property, but also to invest in the type of property you actually want. You may find that, after reviewing your finances, you’ll want to wait until you can go all in on luxury housing, or perhaps you’ll decide to downgrade to a less expensive home. Either way, as a way to start, 99acres.com advises that the most important elements to factor in when you're in the planning process of becoming a homeowner are:

• Credit score
• Home loan interest rates
• Flexibility of budget
• Down payment
• EMI

All of these factors influence what kind of offers you’ll receive, the likelihood of obtaining a loan, how much interest you’ll pay in the long run and how many assets you’ll personally require to purchase real estate responsibly. You don’t want to jump into the real estate game, only to realize later that you don’t have the proper level of income to maintain ownership. Be sure to write up a budget and make projections about what resources you’ll require, and a price range of what’s feasible to purchase now.

Deciding where and when to invest in real estate requires a multi-faceted approach, taking all the essential factors into account. Remember that while a property might offer beautiful interiors and design, amenities might be lacking, or vice versa. As the real estate market starts to gain speed again, it’s best to be on the lookout now for geographically where to find the best deals.