Real estate is a booming industry, as the facts say that the value of the property has grown multiple times in the last few years. People like to invest in property either for re-selling it or for living in it. For many investors, Gurgaon has been a hot spot for investing in property as the rate of apartments has been growing at a phenomenal rate. It is a strategic location for people who are looking for buying or renting. It is close to workplaces, airport and Delhi for that matter, though it has peace of city outskirts.
When you want to buy an apartment in Gurgaon, it is critical to know the process and how to execute it. There are a lot of opportunities in Gurgaon, but you must figure out the best one for you. Work out a plan that would help you achieve the best results. Remember that it is a one time investment and you must make the most out of it by buying a property that suits your and market’s expectations. We have given some tips below, which would help you purchase your first property in Gurgaon.
• Renting vs Buying
It is essential for you to make up your mind about buying or renting the property. There are a lot of people who want to shift to Gurgaon because their office is there. It is a good idea for them to rent out a property rather than buying it. It is very uncertain that you will continue working in Gurgaon for whole your life. Purchasing an apartment would be additional baggage for people who are on the go. For people, who are looking for an investment or a house to live in, buying an apartment in Gurgaon is a good idea. You can also choose to rent it to other people. Builders are also ready to provide lucrative discounts like waiving off extra charges. History claims that the rate of properties in Gurgaon has been rising for the last few years. It is the right time to invest in Gurgaon.
When you buy a house, location is one of the major things that you must take care of. This also serves as a significant factor during resale of the house. In Gurgaon, there are many apartments, which are away from the metro station. Such locations make it very inconvenient for the people to travel from one place to another. Proximity to the metro station will also bring more value to the house. If you are looking for a house to live in, then make sure that the locality is safe and have facilities like education, health, utility, etc.
Budget is one of the most important factors while buying a house. It is very important to know the budget that is perfect for you and your lifestyle. If you are buying the house on EMI, then you must figure out the frequency and amount of instalments. Various factors affect the cost of a house. Builders often add up to the cost by giving unnecessary luxury features. Hence, make sure that you are not paying for what you don’t want. Cost of a house also increases depending on the location. There are various types of residential apartments in Gurgaon. You can choose the one that suits your requirements.
• Resale Value
Buying a house if a big deal and needs a lot of investment. Therefore, you must consider the resale value of the house. You should know the cityscape, real estate planning and everything that affects the value of the apartment. You must observe factors like proximity to the metro station, bus stand, workplaces, expressway etc.
• Loan eligibility
If you plan to take a loan for buying an apartment in Gurgaon, then you must consider various factors that makes you eligible for one. The factors can be income, age, repayment capacity, existing debts, etc. You can take help of various online tools like home loan eligibility calculator and find out how much amount you are eligible for.