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8 Mistakes That Real Estate Investors Must Avoid

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Real estate investing is still the top consideration for most individuals as it is safe and gives you high returns in the future. While the nation benefits from this rising demand and positive developments, Pune is the city to watch out for and is part of India’s top real estate clusters. Pune’s urban landscape is shifting at a rapid pace, spearheaded by development projects like the Pune Metro, rising demand for affordable housing and government schemes (MHADA), and offices restarting.

But while the market is experiencing new highs, buying property or property investing has changed significantly, and recent market trends will set the stage for the future.

If you are considering investing in real estate or buying rental property in 2022, here are some of the common investing mistakes that you should avoid.

Not Planning Ahead

Buying property is a big decision, and many first-time buyers fail to understand the significant impact this decision will have. They tend to buy due to external pressure without making a plan. For example, will the flat be one for rental income, a vacation home, or a future home for the family? Depending on the plan, one needs to start searching the suitable options. 

Failing To Research Properly

Before buying a property, one needs to consider several factors, so it is essential to do proper research. Before buying rental property or property investing, potential buyers should look into:

  • The connectivity of the property by road or public transport
  • Proximity to essentials like grocery stores, hospitals, central offices, schools, etc.
  • Amenities and future-ready features being provided in the property
  • Upcoming or future developments that have the potential to help your real estate investment grow

Not Seeking Expert Help When Needed

Many buyers think they have to make all the decisions independently and, in the process, make a few blunders. While one can make their own decisions, real estate investors should consider expert help. They can speak with expert real estate agents, property experts, brokers, home inspection experts, and the builder to understand what is being offered to make an informed decision. 

Restricting To A Few Areas In The Market

While there is always a preference when investing in a property, new avenues and properties have a great chance of giving investors strong returns. So restricting investment to a few areas or limited options may lead investors to lose out on great opportunities. 

Overlooking Tenant Requirements

If you intend to purchase a property for rental income, the investor needs to look at it from the tenant’s perspective. For example, when purchasing the property, the location, connectivity to public transport, and other elements will matter for all types of tenants. Meanwhile, families will consider options close to schools or low-crime areas, while college students or young families will consider the nightlife or the restaurants around the property. 

Poor Financial Planning

When buying a property, home interest rates offer a flexible payment option for buyers. However, many buyers do not plan their financials in detail and end up with a monthly EMI that adds to their stress and ends up eating into their savings. When investing in real estate, research home-loan options and choose options that offer flexible repayment, low EMI, and interest. 

Overbidding or Overpaying For Houses

Doing thorough research can help investors save themselves from this, but often, anxious property investors tend to make mistakes. They may overbid for a property on sale or purchase a property in a hurry when more lucrative options are in the development stage and have higher chances of appreciation.

Underestimating Expense Costs

Determining expenses before purchasing a property is critical and helps buyers save themselves from any last-minute hiccups. So when comparing property options, consider investments like appliances and smart-tech provided by the builder, furnishings, structural changes to the layout, and other considerations.  

Conclusion

There is a rising preference for Pune in real estate investing. Pune’s relatively affordable rates, rising demand, expanding IT sector, and upcoming infrastructure development make it the apple of the eye of investors. The city that is well-connected with Mumbai also has an advantage. New Projects in Pimpri, Chinchwad, Hinjewadi, Baner, Wakad, Mundhwa, Kharadi, Pimple Nilakh, Balewadi, and Punawale flats have easy connectivity to the national highway. They are strongly preferred by investors and homeowners alike. 

If you are looking for new residential projects in Pune, then the projects by Pharande Spaces are one of the top considerations. Thanks to its large-scale projects with modern amenities, gated communities, and extensive properties, these projects are ideal for your investment. 

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