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1 Acre land on PALM AVENUE, VASANT KUNJ !!!

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1 acre farmland on palm avenue , vasant kunj…

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Your investment out of budget?...Think Differently

Second-hand properties are priced considerably lower than newly constructed property. One can get more space for the same budget or else one can get a property having the same area for a lower cost. One does need the services of a good real estate agent here. The best place to knock at are sellers who are in need of liquidity and want to sell off the property at the earliest. Such a seller is more likely to offer a reasonable deal, often below the market price. There is a flip side to this, though. If you plan to take a loan, then you will need to factor in a lot more than 20 per cent of the down payment, as is the usual norm with home buyers. There is a reason for this: the down payment will increase proportionately with the age of the property.

Moving away from the city. Do not be fixated on the great apartment in a good neighbourhood. Broaden the area of your search. More often than not, the price of apartments located on the outskirts of the city are within the limits of most budget home buyers. The advantage, however, is that houses purchased on the outskirts are good capital investments as they have greater potential to appreciate than properties located in the saturated markets of the city. There is generally an aversion to the outskirts due to lack of essential facilities. This is only a temporary phenomenon as most areas start developing as soon as they get populated. It never takes long. That is why, you should consider this option.

Projects underway It is a fact that buying into projects underway will cost less than a ready-to-move property. This option can be carefully considered if the need to move in is not so urgent and that it can be definitely deferred. You can get better rates if the booking is done before commencement of construction or in its early stages. There is no gainsaying that an element of risk is involved here. One, the construction may not turn out to be exactly as promised. Two, it is important to go with a reputed builder. But then, even reputed builders can sometimes delay the delivery. Such delays can stretch to a few months to almost a year. You will need to factor this in too, when making your commitment. Property not in good condition Properties not in good shape are generally available for lower costs. You can renovate it to your tastes later. One thing to remember is that the costs of buying and renovating should be less than buying a property in good condition. Evaluate the extent to which the property needs renovation. Otherwise there is no point in pursuing the deal, and it can be a strain on the finances too. This is, however, a challenging task. You will need expert advice on the true worth of the property. If you plan to take a loan on this purchase, then it will be granted by the bank only if it meets the banks property evaluation norms.

 

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