Here are Five Intelligent Real Estate investment tips For Millennials

Many Indians want to own a piece of real estate because they think it is the safest investment with the most growth potential over time. Millennials also have fewer debts, lower EMIs, and longer loan terms, all of which help them choose the best house for them.

Many experts thought that the real estate industry would be one of the last to recover from the shock as the pandemic reached its peak and economic activities stopped. Everyone was shocked by how well it did after the pandemic.

This sector’s growth is being driven by the millennials, which is interesting. This is mostly because they’ve learned how important it is to have a place of one’s own.

Growing disposable income, government programmes like “housing for all,” tax incentives, and lower property taxes in places like Mumbai all help millennials buy their own homes.

Investing in real estate is a great way to make sure you get back what you put in and to raise the value of your property over time. If you want to get the most out of buying a home, make sure you do all of the following.

1. You can’t say enough about how important location is when it comes to investing in residential real estate. The location of a person’s job or school, as well as the availability of public transportation, safety, and other amenities, all play a role here. When looking to buy a home in a new neighbourhood outside of the city centre, think about how far it is to nearby cities and if there are any planned infrastructure improvements. Investors should also do a full inspection of the property to learn more about its pros and cons.

2. Since the epidemic, people want to own a home more than they did before. Because there are more ways to work from home, there is more demand for property in out-of-the-way places. There have also been more buyers interested in projects in these outlying areas that are still in the planning stages. This is mostly because these kinds of projects are cheaper, have a higher return on investment (ROI), and are in line with RERA standards for ethical business behaviour. Ready-to-move-in solutions, on the other hand, are easier for both the buyer and the tax man. Because they cost more, these apartments are often of lower quality in terms of how they are built. Before making a choice, customers need to think about the pros and cons of each option.

3. All important paperwork about owning a piece of property to avoid problems in the future, it is important to look over all relevant papers in detail. As a starting point, it might give an idea of how much legal work is needed to finish the selling agreement. Buyers need to know about any extra costs or paperwork that might be needed, like mortgage or ownership transfer forms. Sellers or brokers may include these in property documents and sale agreements. Before making a purchase, it’s important to keep an eye out for confusing costs, such as insurance premiums and repair costs.

4. It’s important to think about the property’s resale value before buying a home. The value of real estate tends to go up over time, giving a big return on the initial investment. Most people who buy a house don’t think about this. In these cases, it’s important to look closely at whether the property will grow faster than the market or how much of the investment’s potential upside is already built into the price. It’s harder to guess these costs in a neighbourhood that’s “on the rise” than in one that’s been around for a long time. It’s important to evaluate and think about how much the purchase price could go up.

5. Before putting money into a project, it’s important to do a lot of research on the developer’s past work and financial stability. But even though RERA has made buying and selling real estate much safer, it’s still best to work with developers who are well-known in the area. Buyers in their twenties and thirties should make sure that the projects on their shortlist have been approved by RERA and are therefore posted on the right site. It’s also important to go with a well-known brand, since these companies are more likely to show up on time and have better facilities. In addition, they add a touch of modern design to a home.

Imagine that you are in your 20s or 30s. If you have few other financial obligations, you may be able to get the best house loan deals. This means that it will be easier for them to get a mortgage. In this group, they also have the benefit of smaller house loans, lower EMIs, and a longer time to pay back their housing loans. According to Sections 80C and 24A of the Income Tax Act, getting a loan to buy your first home could give you a lot of tax breaks.