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The value of a property increases based on the market condition. However, the value of a property soars depending on the location and the availability of good infrastructure and amenities in the surrounding area. Here are some important things to be considered while investing in a property;
Since the property value is determined by its location, an investor should consider the location of the property before making an investment. The location can be based on the buyer’s personal requirements as to whether it is for a long-term or a short term investment purpose. Mainly, the choice of the location depends on the rate of current appreciation in the area at the time of the purchasing or considering it’s worth in the future if made an investment. Various factors like the buyer’s area of employment, transportation facilities, infrastructure connectivity, education, healthcare facilities and social infrastructure are responsible for the investment of a property.
Infrastructure plays an important role in determining the value of a property and is one of the driving factor for residential properties. Proximity to rails, infrastructure corridors, malls, townships, IT firms, international airport, colleges and schools determine the maximum number of investments. With good infrastructure in the area, the resale value of the property increases. Also the future infrastructural projects add up to the appreciation of the property resulting in the availability of large tracts of land. This will further attract more number of people to the area.
It is advised by real estate experts that investing in a land on the outskirts of the city is worth than in prime residential areas. Investing in a property on the outskirts of the city will give room for more price appreciation as well as the buyer gets attractive offers at a lesser price. However, the properties in prime residential areas are quite expensive with higher values. However, an investor should be cautious before investing in a land on the outskirts of the city.
Legal and financial aspects:
It is very important that an investor should be cautious and crosscheck for clear titles and legal approvals on the land deals. The planned and the demarcated plots should be checked for statutory approvals from the authorised agencies. Check for the number of land owners should be done and also the investor should have cash liquidity.