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Guidelines for buying residential flats If you are planning to enter the property market and looking for high quality residential properties but on budget, you may want to try and invest in residential flats. There are so many residential flats coming up in some very hot areas in many cities across the world especially in working class neighborhoods. You will most probably be investing a large amount of your savings or taking a mortgage and, as such, you need to be extremely careful when making such a move. There are a few important guidelines you need to follow if you are planning to invest in residential flats:

Decide on a budget: Perhaps the first and most important things you will need to do is to make a decision on what your budget is; whether you are looking for low cost middle class apartments or some luxury townhouses or villas, all these are available inmost cities. This is why you have to decide on a budget since the budget will determine the location of your property. According to how much money you want to invest, you can select a property in a prime area, next to a golf course or further away from the working districts etc. Do a market research: Take a personal initiative to conduct a market research regarding residential flats in your area of interest. You need to visit with and talk to different property dealers and agents as well as get and compare different quotes from all those areas and different locations. Don’t forget to make comparisons regarding the proximity of the properties to basic facilities like electricity and water supply, schools, hospitals, colleges, shopping malls and recreational parks among others. Remember that your tenants will look for these things before coming into your property and even you will need the same if you plan to stay in there. Future value: Don’t put your money into ant residential flats or any other real estate investment before considering what its future value is likely to be. You want to make sure that you know what the master plan for the area is as well as what other developments are likely to come up. You are thinking of social amenities such as schools, colleges, commercial centers and


other developments that will increase career opportunities. You are always better off putting your money in properties that are in areas with a potential for future growth. Hidden charges and taxes: Take time to understand what taxes and charges you will require to submit every once in a while so that they don’t come to you as a surprise. Your property agent should be able to inform you about all this but just in case they don’t, it is in your interest that you take an initiative to find out. Legal issues: Last but not least, always ensure to complete all the relevant legal requirements and if you are doing real estate investment for the first time, you are safer asking for assistance from a qualified real estate attorney. Follow these simple steps and you will have a ball buying residential flats in an area of your choice. About the author: This article has been written by Mohit Jain who has written various articles on real estate investment and real estate township in Indore buying tips. He is currently writing for Ruchi Realty, a leading Plots in Indore company in India with an upcoming


Guidelines for buying residential flats