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Buying Residential Property In Amritsar: Tips To Consider

If you are looking for plots in Amritsar, then you are on the right track as the city has bloomed into one of Punjab’s largest and well-established cities. The city has so much to offer, be it culture, food, beautiful places to visit and not forget- the warmth and passion of the people of Amritsar!

Now let us dive into the things that you should keep in mind while on a hunt for a property. When you compare real estate with other kinds of investment, it is the least risky thing to do and will provide you with great returns. Another few things you should keep in mind while property shopping are - Location of the Property Why do you think this is important? Well, the answer to this question is very easy. The location of the property is directly proportional to the profitability in real estate. Make sure the property is in near vicinity to schools, mall, nice neighbourhood, hospitals and many more, as these are some of the crucial factors when talking about residential property valuations. 

Valuation of the Property

If you are thinking about why this is also important, then things such as listing pricing during the sale, real estate financing during purchase, taxation, insurance premium and investment analysis. All of this depends upon real estate valuation.

What to look for? See for commonly used valuation methodologies -

Sales comparison approach: Compare the recent sales of the property with similar characteristics. It is a very common and convenient practice performed for both — new and old properties. 

Cost approach: Cost summation minus depreciation. It is best suited for new construction

Income approach: This is based on expected cash inflows which are best suitable for rentals

Investment Purpose and Investment Horizon Figure out why you are investing in property. To help you with this, the real estate sector has low liquidity and high-value investment. If you have a lack of clarity on why you are investing, then it must lead to unexpected results which include financial distress, especially if the investment is mortgaged.

Now the next step is to figure out what you are looking for? Below are some points, look into them and identify your needs, your purpose and thereon prepare yourself.

Buy & Self-use: It will provide you with saving on rentals, the benefit of self-utilization and value appreciation

Buy & Lease: It will provide you with regular income and lead to long-term value appreciation. Moreover, it also requires that you build a temperament of being a landlord, you will have to handle disputes & legal issues, manage all the tenants, repair work, amongst many other things. 

Buy & Sell (Short-term): It will bring you quick, small to mediocre profit. This will be possible if you go for under-construction properties and sell slightly high once they are fully built.

Buy & Sell (Long-term): It will provide you with large intrinsic value appreciation over a long period. It is a solution for long-term objectives such as retirement planning, child’s education, etc.

Now that you are aware of things that you should keep in mind, the next step is to look for a real estate developer. One of the best real estate developers that will NOT disappoint is Experion Virsa, Amritsar. Located en route to Darbar Sahib & spread across 93 acres, Experion Virsa Township in Amritsar has been designed in a way that it will definitely take you back to your roots and will never fail to make you feel at home. Come and explore it yourself!