Buying a Property? Important points !
How often do you buy a home?
Is it your first purchase for residence or have alternate houses to stay?
If have alternate houses appreciation needs to be the concern of investment.
Priorities of yours while deciding a purchase!
Vicinity, distance, location, proximity to office or business, purpose of usage of land, feasibility to manage etc.
Self financed or funded?
Purchase out of fully owned or borrowed funds, capital cost in case of borrowed funds, fund flow and repayment process planned
Choice of location and its basis!
Suggest purchases not far for generations to reach.
Duration of stay?
Owning property or investing in property where no stay is possible might not be wise.
Are you aware of the rental income of the property chosen!
Have you done enough research on the revenue potential of known selfoccupied ones.
Is there a scope of appreciation?
Any investment should be appreciated in par with fixed deposit interest of respective times which RBI specifies.
Are you aware of the EMI rules/total amount payable on termination!
Do a through study of the amount financed along with equated monthly instalments, interest rates, component of principle repaid along with every EMI, assessment on steady in flow and risk factors involved, insurance cover done on the home loan, rent if any payable every month etc.
Do you want multiple properties/multiple locations?
While you decide to have multiple properties at multiple locations it is indeed neccessary to plan the management of the same not to repent in future at elder ages.
If so how many days do you stay in each location in a year!
As many people while investing never even think of possibility of having a sleep over night at the specified property what so ever.
Do you have the passion towards the purpose?
Buying agricultural land means know about agriculture and have some time for agriculture.
Are you aware of the hidden cost in having a property?
Hidden cost involves securing the property from illegal elements, travelling time and money to visit the property, taxes etc.
If so do you have the inflow?
Day dreaming is not reality.