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Is this the right time to invest in real estate?
Buying real estate is widely considered a safe bet by Indian investors, even though the market might show otherwise. Like every other market, real estate too has its highs and lows. For instance, the real estate market boomed between 1988 and 1994, and most property prices went up by over 10 times during this period. However, the bear market that followed was very challenging. By 2002, many properties were being put on the market at half the peak price they achieved in 1994. If one considers the ..
Lack of buyer interest
The market has witnessed a marked decline in the number of people buying residential properties. One of the main reasons for this is the fact that property prices remain high compared to the average income of individuals. “There is end user interest, but what buyers are waiting for is reasonable and affordable prices,” says Rahul Mehra, CEO, Dara Build Tech. “As of now, end users are only looking at projects that are priced appropriately, ..
Inventory build-up
As a result of the dip in the demand for property, investors and builders, who developed and hoarded residential properties expecting prices to rise, found themselves unable to sell their inventory. The unsold units in eight large cities in the country have already hit an all-time peak of 1171 million sq ft, up by 22 per cent from last year. If the current rate of sale persists, it will take more than three years to exhaust the existing inventory.
Why Is Real Estate Still A Good Investment Option?
In today’s market, real estate offers one of the best ways to earn significant amounts of earnings, while keeping the risk factor to a minimum. Real estate offers many opportunities that people can use to gain profit and these opportunities tend to come in cycles. If the market situation in a local area is good, then it is possible to buy a house at a good price, fix it up a bit and then see as its value rises in the coming years. Even if the market is in its low end of the cycle, it is still possible to make a extensive profit, if the location and price of the property have been carefully considered. This allows you to earn good profits at any possible time.
With the market taking on a very uncertain air, it is still seen that real estate is one of the safest investment avenues that one can pursue. It has been constantly pragmatic that real estate prices most often stay level for a longer time, while appreciation carries out at a faster rate than inflation. Even in some periods of recession, property prices have shown significant appreciation, making it a reliable investment source for most people. According to many statisticians, the rate of real estate appreciation is staying a few steps ahead of the rate of inflation. This allows most homeowners to stay ahead of the game and be able to earn themselves a decent amount of profit. In addition to this, mortgage rates are also at their lowest, which further makes the real estate market more attractive to prospective buyers.
This sort of scenario is seen to be most fruitful for first time buyers. By drawing up a budget and deciding on the amount you can spend, it will help you in seeing what type of properties you can afford. Once the budget and locality have been decided, you can choose the best option for your money’s worth. A good location will help you to get greater appreciation in another 2 or 3 years down the line.
Not only first time buyers, but people also looking to purchase a second vacation home can benefit because of this situation. A cozy little cabin in the woods can bring in good returns when property value goes up in the near future. An affordable vacation home can be a good way to earn enough returns to afford a much bigger and better resting place in the near future.
If you though that appreciation is the only advantage that comes with home ownership, then you are wrong. When a home is bought, the mortgage that you pay plays an important role in the benefit of the country that can provide a tax shelter for your family. A number of tax deductions are available on the property you purchase.
Therefore, when you plan to purchase a house, remember to carry out proper research before diving in. Educate yourself about all the financial benefits that are available to you, so that you can get the best returns that are available on your property.
Here are some negotiation tips to keep in mind while buying a house
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The buyers have a rigid time finding an ideal house for themselves. As there are so many processes involved, finances to take care of and people to meet, it takes a patient, alert and gritty mind to find the right house. A lot of time and effort goes into the whole process, till you land on to the perfect house. After that, you have to make the purchase and try to make the deal go your way. It means that you want to keep to your budget and do not have to shell out additional money, either to the seller or the loan official. Between the purchase and the sale, there comes the process of negotiation, without which you may incur avoidable losses or you could even lose the house. Here are some negotiation tips to keep in mind while buying a house –
* You need to research. You cannot even hope to make any successful deal without knowing what you are talking about. If you want the house to be sold to you at a certain rate, then you must have a good logic to fall back upon. Knowing the local property rates and the current market scenario makes you convincing and assures the seller that you are serious about buying and are not fooling around. It is vital to assure the seller that you want to buy the house or he might not become flexible in his approach himself and he might also not lend you a patient and reasonable ear.
* Do not quote a price that is so low from the asking price that the seller loses interest in you. Do not offend the seller! Just quote a price that is lower than what you can afford and leave scope for the seller’s side of negotiation.
* Most sellers keep a higher than necessary asking price to tell the prospective buyers. This is also done to leave scope for negotiation from your side. This works well for you too, if you see past the quoted price and go straight to your offering price.
* You and the seller could get into a counter offer exchange, but after a while and after both parties have compromised, you need to stick to your last offer. Give the seller a deadline and tell him that the deal is off if he does not agree to lower the price. Till then, stick to this deadline. He will take you for granted, if you keep going back on your offer.
* To win the confidence of the seller, you can also give him a standard earnest sum to let him know that you are interested. This way, he may modify his price for you.
Airport Boost to Chandigarh Properties
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Property values in Chandigarh and Mohali are expected to rise with internationalization of its airport. According to property builders , there is a conspicuous flow in inquiries for properties around airport in the past year.
At present, monthly rentals for apartments in Sector 31 and Sector 47 are from Rs 5,000 to Rs 8,000 and the capital values for residential plots Rs 1,800-Rs 2,500 per sq. ft. Builders project a rise of 10 per cent in the capital value in the near term. “Much depends upon the way this project progresses in the future. If everything goes well, like the process of land acquisition and development, property values in adjoining areas of airport will rise substantially,” said a property consultant.
The airport boost
The Airports Authority of India (AAI) has planned to bring Chandigarh airport to international standards. It was only on January 05, civil aviation minister Praful Patel laid the foundation of international civil air terminal complex at Mohali. The new airport building will be able to cater to more than 1000 passengers.
The transformation project would also involve structure of apron for remote parking of eight wide-bodied jet aircraft. According to sources, the State Government of Punjab has been requested to give about 300 acres of land, identified on the other side of runway with independent access from the city side.
A Joint Venture company between AAI and Greater Mohali Area Development Authority (GMADA) will be handed over the task of maintaining the new airport. The company will also be responsible for the city side development near airport.
Why to Hire Property Management Services?
Hiring the property management services is worth it, if you do not want to take the stress or lack money and time, needed for managing your property. Many people think that why they should pay their hard-earned money to a company just to collect rent from their tenants. Well, first of all it is important to understand that these companies do more than just collecting rents. Though there are a number of tasks performed by a property manager, but this article focuses on the three major areas where their services can be highly beneficial for you.
Availability – The main purpose of property management firms is to handle properties. These firms have years of experience in this business and are backed by a trained and qualified staff to ensure everything runs smoothly. The reason why you should hire their services is because of their experience and resources that you apparently may not possess. Besides, these companies are available round the clock to manage the properties of their clients. Even if you choose to handle your property on your own, you may not be able to focus on it all the time. So, apart from experience, this is another factor that gives professional services an edge. Property managers devote all their time in marketing your properties, screening the tenants, handling the maintenance, evicting bad tenants and also handling emergencies, quicker than you possibly can. Before actually deciding to handle your property on your own, you must consider the exact amount of time you would have to take out to focus on the various important areas of your property. For instance, finding good tenants is harder than you might think. But professional services do know where and how to market a property to get the desired outcome as fast as possible.
Finding tenants – Putting an advertisement for rental property and getting some responses is not difficult. The hard part is to decipher the responses to pick the best tenants. Haggling over the price is very common. So, to get the kind of tenants you want is something that needs a professional approach. There are loads of things that a property management company considers before finalizing the tenants for their client’s property, such as credit scores, identity proof, involvement in any legal hassle etc. Finding the best tenants is extremely important, as you cannot afford to have your property vacant every other day because of bad tenants.
Hiring the property management services is worth it, if you do not want to take the stress or lack money and time, needed for managing your property. Many people think that why they should pay their hard-earned money to a company just to collect rent from their tenants. Well, first of all it is important to understand that these companies do more than just collecting rents. Though there are a number of tasks performed by a property manager, but this article focuses on the three major areas where their services can be highly beneficial for you.
Availability – The main purpose of property management firms is to handle properties. These firms have years of experience in this business and are backed by a trained and qualified staff to ensure everything runs smoothly. The reason why you should hire their services is because of their experience and resources that you apparently may not possess. Besides, these companies are available round the clock to manage the properties of their clients. Even if you choose to handle your property on your own, you may not be able to focus on it all the time. So, apart from experience, this is another factor that gives professional services an edge. Property managers devote all their time in marketing your properties, screening the tenants, handling the maintenance, evicting bad tenants and also handling emergencies, quicker than you possibly can. Before actually deciding to handle your property on your own, you must consider the exact amount of time you would have to take out to focus on the various important areas of your property. For instance, finding good tenants is harder than you might think. But professional services do know where and how to market a property to get the desired outcome as fast as possible.
Finding tenants – Putting an advertisement for rental property and getting some responses is not difficult. The hard part is to decipher the responses to pick the best tenants. Haggling over the price is very common. So, to get the kind of tenants you want is something that needs a professional approach. There are loads of things that a property management company considers before finalizing the tenants for their client’s property, such as credit scores, identity proof, involvement in any legal hassle etc. Finding the best tenants is extremely important, as you cannot afford to have your property vacant every other day because of bad tenants.
Mohali is the herald of increasing real estate development
Mohali is nowadays the hottest town the majority people like from various property aspects, property in Mohali is marvelous. Among the top reasons for Mohali real estate are that it has planned infrastructure and a calculated position and has experienced new-fangled growth and much more. Chandigarh is famed for its structural design, planned roads, spacious streets, and space setting. The City Beautiful is the authorized, political and cultural capital of Punjab. Chandigarh has the munificence of a big city, but still preserves the simplicity and expediency of a little town. This city is also known as the entryway to north India.
People here are characteristic of life in big and deluxe houses. Mohali is actually transforming to an urban city frequently for novel ways to comfort homes, condominiums and individual flats. Purchasers of property are very awestruck to buy residential apartments in sector 86 Mohali and other close sectors. Many people acquire this property for the reason of speculation. When, in view of infrastructure, adjoining areas are, less urbanized. People are raising their commands and requirement of housing units is on the rise in many areas.
The boost in revenue is among the reasons that most people are desirable to jump on the bandwagon. So, this might be excellent news for property developers. The property zone has been raised to obtain the corporate organization way of things. Some people are paying attention to this town in the hunt of an enhanced standard of living and an extremely inexpensive infrastructure. Most people are youthful students, more or less from hard by areas, counting states like Punjab, Himachal Pradesh and Haryana, and occasionally even Delhi. There has been a swell in existing surface region and great multinationals are interested in opening their offices here. Mohali is, every so often considered a key setting for some foremost property consultants in India. Property in Mohali through property dealers Mohali brings a better life in the upcoming years.
A plot in Mohali is one of the most sought after properties intended to help families to reside in extravagance in a toxin free atmosphere. They give people homes that have low charge and envelop a lesser region than the housing lots. It makes sense that all industries and businesses are building their workplace and buying fresh assets in Mohali. Mohali is the herald of increasing real estate development. Mohali is now acknowledged for its huge houses and public housing.
Dara Group 