The first investment you ever make in a housing society is the most testing one. You are doing it for the first time so you don’t know the factors to look at. While everything looks great from the outside, you have to wonder if the society will have any great value in the future. Lior Babazara believes that with a few basic tips, you can make sure that you choose the right housing society that gives you value in the future and returns a great profit on your investment.
Real estate is a game of lot of speculation and predictions. Of course, you learn a lot of the skills and tactics as you go on. However, here are some tips from Lior Babazara for new real estate investors for choosing the right housing society.
Research the Project Owners
Before you do anything, you have to know about the project owners. Which company does this project belong to? You have to make sure that you go deep down in the details to know the exact owners. At times, big companies have subsidiaries or they authorize other small companies to use their name for the purpose of marketing. However, you have to know the project owners to predict the future value of the project. What you want to know is how long that company has been building homes and how many societies they already have in the city.
In addition to that, you have to find out how many societies from that company have been successful. You don’t want to read that off some tabloid or newspaper. You want to visit those societies to know how well they are being maintained and taken care of.
Research the Area or Neighborhood
The next important thing is for you to research the area around the society. Lior Babazara says that most new societies are made away from the urban population and so researching the neighborhood isn’t that easy. The first thing you want to know is the type of societies that are located in the surroundings. Are there other societies where people from your status and class are living? You are not trying to discriminate but it is true that different societies are made for different classes. Some are meant for the working class while others are meant for executives.
Not to mention, you can’t really bring your lifestyle down to live in a new place. Every person is busy in finding a way to upgrade their lifestyle. So, you actually want to move up a notch from where you are living right now. The societies, areas, and neighborhoods in the surroundings of the society will give you a clear indication of that. You can also ask a few people around to know what kinds of neighborhoods exist in the proximity of the housing society that you wish to buy a house in.
Regulation, Permission, and Authorization
There is always an authority in every city and state that forms the rules and regulates all new societies. You have to know about that authority in your state and make sure that the society that you are interested has obtained proper permissions, NOCs, and regulations. This is the most important part because if a society and their owners don’t have the right credentials to prove their legitimacy, they could just be running a scam. Lior Babazara says that you have to ask them to show you the certificates and permission letters rather than believing their words.
In addition to that, you would want someone who is experienced in real estate dealings to accompany you when you visit the society.
Final Thoughts
How much return you get on your investment depends greatly on how you research the housing society. Don’t forget that once you have made the payment, you can’t really turn back time and so it makes sense to take as much time as possible in researching your options and only then reaching a conclusion.