7 Biggest Mistakes people make while Investing in Bangalore Real Estate:
- Do not have finance Plan in place: Always start property shopping only after you are ready with your finance plan. If you are planning to take a bank loan make sure that you have your eligibility checked and ready to receive loan. It is quite likely that you may the property of your choice and you may not be ready to enter into an agreement or you may waste your time looking at properties that do not meet your investment plans.
- Do not look at at-least next 10years need while investing especially in first time property: Often investment is made taking into the consideration the present requirement. One must look at next 10 years need for one may feel comfortable with a 2 Bedroom however as years pass by one may feel that 3 bedrooms is a must.
- Not contacting a consultant: There is always a tendency to invest in properties where our known people reside. It is necessary to expand the options in addition to those recommended by friends / relatives / colleagues/ property portals etc. It is likely that you land up selecting a more expensive property of lesser worth and facilities. A well informed consultant like Flatpundits can provide immense value in investment and also guide in negotiations and arriving at a most desirable cost
- Do not study the background of the developer: preferably invest in people who are in business in same name for at-least 2 decades as they would have stood the test of time and learnt the skills of manoeuvring the up and down cycles more efficiently
- Do not study the neighbourhood: There are many open storm water drains which often carry thrash and lead to issues relating to foul smell and health hazards – make sure that you checked on these before you invest
- Seek all title deeds and other related documents: Always seek legal opinion and understand the implications before investing
- Do not understand the property in all respects: Study the details of Layout / View / type of surroundings / potential air, sound, water, sewage management & dust issues / light & Ventilation /entry and exit to the property very well. There will be many small properties in and around which can cause a nuisance leading to delay and impacting the investment adversely. Also other facilities like malls / schools/ transportation can impact the investment.