Owning a home is not an investment; it’s an emotion and a dream for a whole lot of us here in India. Over the last 2+ decades, Hyderabad has emerged as a preferred destination for resident & non-resident Indians to invest in their dream home. A stable political situation, visionary planning, expansion of the city with ORR & the Strategic Road Development Plan (SRDP), and best in class infrastructure gave a further impetus to making the city an attractive investment destination!
Emotions aside, buying a property in Hyderabad will need you to invest a reasonable amount of time and energy. There are various perspectives that one must contemplate before purchasing a dream property. Wondering where to begin? Let us go through a 10-point checklist that will be helpful for you before initiating your investment decision.
1. Budget
Probably the most significant factor! Keep in mind your tastes and needs combined with what you can afford. Sit down with your family, discuss. Make some future calculations, including consulting your bank to arrive at a figure you are comfortable with. Depending on what you are looking at, from open plots to apartments & villas, ensure you have covered all the charges possible before finalizing your budgets. Even after that, keep a tiny percentage for last-minute surprises!
2. Location & locality
Owning real estate is a long-term plan. Take into consideration the convenience of all your family members – distance from corporate office spaces, educational institutions, entertainment arenas, hospitals, etc. Also look into details like location of the nearest police station, fire station, parks, and playgrounds. It will help to take a look at the distance from the airport and other means of transportation.
3. Construction phase & timelines
While some like ready to move in properties, others like to invest in taking advantage of the pricing right at the beginning. It will purely depend on what your requirements are and what are the timelines you set for yourself. It can also be influenced by an external element like a long-term move to a new job or your children’s education etc.
4. Lifestyle
While contemplating neighbourhoods, spend some time contemplating if it will align with the lifestyle you aim to lead for yourself and your family! Would you prefer to stay near your workplace? Do you like stepping out to places of entertainment? Or are you somebody into health & fitness? Are the properties you are shortlisting meeting these requirements?
5. Loan eligibility
Another critical factor coupled with the Budget is the home loan eligibility, which will depend upon the capacity to repay your current income, existing loans or debts if any, and the loan applicant’s current age. You would be able to check this with any of the banks’ home loan calculators on their websites! The maximum loan that can be approved changes with the banks, and the qualification criteria may vary according to the bank or RBI guidance. As home loan rates rise, the loan eligibility for a borrower becomes more arduous.
Read more: https://sterlingheights.in/blog/10-steps-to-choosing-the-right-property-for-sale-in-hyderabad/
