Choosing the right property to purchase may prove to be a difficult decision as there are multiple factors to consider. However, it is crucial that you check all these factors and only then pick the property because after all, it is a costly investment. Usually, a home you buy would define your lifestyle for as long as you reside there. In case if you use it commercially, most of these factors would determine the returns you can earn. For commercially properties too, it is important to pay attention to these factors as otherwise, it may be a waste of your money.
Let us explore the factors which you need to consider:
- The reputation of a developer: Checking the past reputation and the track record of a builder would give you an idea of what to expect. It would also show you how reliable the developer is. For example, M3M India is a real estate company focused on high-end residential and commercial projects. They are noted for adding luxurious amenities and features to their projects. This is the type of developer that those seeking high-end properties should look for.
- Connectivity: Be it a residential property or a commercial one, connectivity is of utmost importance. Living in a housing complex in a location not well-connected to the rest of the city would deprive you of the modern amenities. When putting it on rent, it would be hard to find tenants in such a location. For business activities too, it is crucial to ensure seamless transportation of goods and people. Gurgaon, for example, is a prime residential and commercial hub due to the superb connectivity features in this city.
- Locality: Whether a residential or a commercial project is worth investment also depends on the locale. For example, if you are buying retail space, shops, office space, food courts, you would want to get one in a highly populated region as that’s where you can maximize your sales. Corporate hubs with sophisticated infrastructure are perfect for buying offices. For residential properties, it is best to buy one in a locality with well-developed social infrastructure. These include education, healthcare, lifestyle, shopping, recreation and more. Leading developers like M3M come up with projects in strategic locations which are suitable for the type of property offered.
- Property rates: The property price trends in a region are an important factor for investors. A region where the property rates are rising would be preferred in these cases. This is because if the prices are on the rise, so is the demand and this implies that it would be easy to find tenants. Moreover, a rise in the price trends means that you would have the possibility of earning even higher rental returns in the future.
- Design: The architecture, landscaping and interior design in a real estate project holds considerable importance too. Homebuyers might want to go for a residential complex which includes sufficient green space, preferably landscaped. This would create a refreshing and healthy ambience in the estate. Again, those buying office units should go for classy and iconic commercial projects as such sophisticated offices would help to enhance the brand image of the company. In case if you are buying a retail space or showroom, you would want one with proper visibility for maximum footfall and exposure. The M3M projects are known to be architectural masterpieces, each one designed perfectly to suit its purpose.
- Property deals: The leading developers often come up with various property deals. This is because the real estate sector is considered competitive and to stay ahead of the competition, every builder needs to make their property attractive to buyers. You should keep a lookout for property deals offered by such developers and go for one which looks like a good opportunity.
- Commercial prospects: The business and employment opportunities in a locality are important for end-users and investors alike. While an end-user would directly benefit from such commercial prospects, it would be easier for an investor to find tenants. This is because most of the prime employment hubs witness a large influx of people from other regions, towns and even cities. Naturally, those of them who do not own a home in the locality would look for rental accommodation.
- Your requirements: Before you even beginning scanning for the property, you have to limit your requirements and choose what you are searching for. You may not find 1 BHK and 2 BHK apartments in a housing complex offering larger homes and the scenario are similar in case of commercial projects too. Some of the M3M commercial projects Gurgaon are mixed-use developments offering residential as well as commercial properties.
The above-listed tips would help you find a property worth your money. It is recommended to spend as much time as required to check for these factors in detail before you invest.
By Avni Jain
who is an author, creative writer, content specialist and digital enthusiast with more than 7 years of experience. Up for new challenges and enthusiastic to learn something new each moment. She is writing on Niche of real estate, investment and finance.