Those with an interest in the real estate industry know a thing or two about the property valuation. They are aware of the factors that influence the value of a property in the market and keep an eye on them. On the contrary, some people are clueless in this regard. They just play on their luck. And when it comes to the real estate industry, luck might not be in your favour everytime.
Although a third group might exist that might not know how to judge a property, they know who to follow. These are the people who tend to look out for investors making moves on developments and projects. For example, smart investors knew that investing in flats for sale in South Mumbai will prove beneficial. Therefore, people who noticed this decision decided to make the same move.
However, you can’t rely on people always making the first move for you to follow. So, let’s take a look at the top qualities of any property you should look for before deciding to invest in it:
The location of the property is of the utmost importance as it determines its overall value more than any other factor. A castle in the middle of the slums will not amount to as much as value as simple luxury apartments in South Mumbai. The question is not about the size or construction of the property. It’s about how accessible and prominent the location of the property is.
The ideal property’s location should be accessible, meaning it should be connected to the main areas of the city. No one will pay much for a property that they have to spend 2 hours travelling to reach on a daily basis. People want their home to be near their workplace and commercial markets that provide them with everything they need.
From grocery stores to parks, malls, restaurants and fitness centres, everything should be near their home. Moreover, the area should have main road and public transport access nearby as well. That’s because not everyone has their own personal transport to rely on.
The Amenities and Facilities
All tenants want their home to have the most incredible in-house as well as community amenities available. In-house amenities can include gyms and fitness clubs as well as swimming pools and the permission to have pets. Whereas, community amenities can range from community clubs and centres to common swimming pools and gymnasiums.
When you’re thinking of going for a property that is being sold by the developer, check for amenities. Real estate developers offer top-notch amenities with their properties, although they also charge maintenance fees for it. Examples of this can be of the luxury apartments in Byculla. These residences offer state of the art infrastructure and architecturally masterful planning and design along with in-house as well as community amenities.
Coming over to the facilities that come with a property, these can include hospitals, schools and government offices such as police stations. Security as well as accessibility are important features that can promote the value of a property.
The existing value of a property shouldn’t be the only factor you consider. More often than not, infrastructural changes in the city’s landscape can affect properties all around. For example, the upcoming metro line projects, as well as the construction of the Navi Mumbai International Airport, are remarkable developments to look forward to. Considering how Southern Mumbai will evolve with the trans harbour link, you can be sure that apartments in Byculla and surrounding peripheries will witness substantial appreciation.
This is something that distinguishes smart investors from inexperienced ones. Obviously, there’s a lot of risk involved in buying a property relying on the prediction of developments promoting your property’s value. However, if your guess is right and you manage to score some land that is surrounded by development that satisfies the market’s needs, you’re in luck. Your property can even get you double its value in returns if you wait for the right time before flipping it.
Lastly and most importantly, the property’s structure should be your top priority. Ensuring that nothing in the property requires repairs and maintenance is necessary to get continuous ROI. You can’t have the doors or the walls cracking up while you show your property to tenants and potential buyers.
Similarly, any signs of worn off paint will help your tenants and buyers negotiate the price in their favour. Therefore, it’s imperative that you leave nothing to chance. You can’t risk buying something as precious as an apartment in Piramal Aranya and having the property damaged. Inevitably, it will decrease the rental rate as well as the selling price of the property.
Monthly checks on the property and holding tenants accountable for any damages that occurred during the period of tenancy can prove enough to ensure the property’s perfect condition. Not only will this reduce the costs you accrue for repairs but it will also increase your chances of finding tenants more easily and for better rental rates as well.