Property investments can be tricky at times. There are various aspects to a profitable real estate investment. Prestige Willow Tree by Prestige properties is one such project that is strategically located to perfection at Vidyaranyapura in Bangalore. Bangalore has shown its worth as far as property developments are concerned. Residents all over the city are proving a point by transitioning from living as tenants to first-time home owners which is quite bold to be honest. Realtors around the city have capitalized on such opportunities and are planning to tap key markets for their respective projects. Another reason that Bangalore has flourished as a real estate hot-spot is because some of the positive impact on real estate like GST. The city enjoys impeccable climate throughout the year and provides fabulous employment opportunities in the IT sector.
Investors are more than eager to invest across the city because they are now able to find profitable tenants for long-term gains. With attractive amenities and floor plans, Prestige Willow Tree sure does check all boxes for a secured living experience. Now comes the question about the aspects that should be kept in mind before going to meeting the realtor. Residents should always frame a checklist before coming to conclusions. After one meets the builder or a real estate broker, there are costs that appear to be hidden and most of the times, are not shared. Residents should work towards a goal with utmost diligence that tomorrow is for the greater good as far as property investments are concerned. It is important that residents allocate sufficient funds for their investment needs. Formulating a budget is as important as any aspect that contributes to making effective purchase decisions. Prestige Willow Tree has excelled in this because they have tirelessly worked with interested residents to provide top-notch realty services.
Hidden costs we all should be aware of before going for a real estate investment
Before a resident goes to a property site, it is important that residents are provided every legal document to better understand the contract between the builder and the investor. Real estate market is such that it fluctuates based on aspects like the amenities provided, floor plans available and diverse structural designs. Realtors don’t want to end up on the disappointed side of things after a resident shows interest. This cost is the initial cost that is borrowed from the residents as a security deposit so residents don’t back out from the deal.
This is the second hidden cost involved in a property investment. Like the initial costs mentioned above, these are closure costs. Residents are charged some amount of money once the deal is closed. This is generally diverse in nature and comprises of surveys, recording fees, down payment schemes and maintenance fees. These are generally 2-5% of the original price of the property the resident wishes to purchase.
Know your rate of interest
It is important that residents’ approach different banks before applying for a home loan. It depends on the principal value of the project that banks offer home loans based on various customer residential requirements. One thing people should note is to have an excellent credit score. This means no debts involved right before the loan is approved and a steady career record. Having a good credit score not only allows attractive home loans, residents have the advantage of availing loans with considerably lower interest rates which is great to plan out other vital expenses.
Home improvement costs
Purchasing a house has its own complications as well. Walking into your dream home is great. However, at the same time, residents should make sure they consider what the future holds for them. Realtors call this the home improvement costs. This is basically an amount that is collected from home owners which is related to different home improvement aspects like maintenance and repairs.
With all these factors and hidden costs in mind, residents are sure to decide and plan better for a fulfilling future.
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