Tips Millennials Should Keep in Mind While investing in Real Estate

Millennials have been one of the prime driving forces for the real estate industry in India over the last few years. Particularly after the pandemic, the real estate sector managed to make a strong comeback especially due to the keen interest of the millennials. In case you belong to this category of investors, it would be wise to remember some essential tips.

File photo
File photo

With these guidelines, you can make intelligent investments in the sector.

Choosing the location: While purchasing your home, make sure to prioritize your location. This should include the social security, availability of public transportation systems, closeness to schools and hospitals, and many other aspects. You would also like to reside close to multiplexes, malls, movie theatres, and other places of interest. Closely scan through the social infrastructure before investing in the property.

Scrutinize the documents: As a property owner, you would like to remain free from any kind of legalities in the future. This explains why you need to inspect all the documents properly before making the purchase. Processing the sale deed involves a lot of paperwork, which might turn out to be overwhelming at times. Therefore, have a consultation with the professionals who can help you in this regard. Sometimes, there might be hidden charges, along with additional fees like repair charges, statutory charges, and insurance premiums.

Growing your asset: While investing in a property, it’s prudent to gauge the potential of property price appreciation in the area. When you resell the property, you must be on the more advantageous end. Also, you might want to rent out the property. A careful study on the market conditions will help you determine how good the property value appreciation would be.

With these guidelines, you can make a wise decision while investing in real estate in India. Besides, you can assess the scope of renting out the property as well.

India has taken some strategic steps to mitigate the impact of global disturbances on its realty sector. These include some structural reforms in the last few years to attract FDI (foreign direct investment). This has significantly boosted the real estate sector. This industry has even overcome the impact of the pandemic.

Different policies of the government have fuelled a consistent growth in the real estate sector. Currently, India is poised as one of the fastest-growing global economies. The government has come up with tactics like GST implementation, and tax reforms, and made the real estate sector an investor-friendly avenue. This explains why the property market in India has been attracting investors like never before.