Choosing an apartment can be a difficult decision to make especially since there are so many details to take care of. While one may offer better amenities the other may have a better location; making it hard to finalise one. The ideal solution is to pick a property which can satisfy all your housing needs without asking for compromises.
Hyderabad is a thriving metropolitan that offers its residents multiple housing options from 1 BHK apartments to independent houses and luxury villas. If you are looking to invest in Hyderabad properties, you may want to explore excellent residential project such as Sumadhura Acropolis.
The article lists down guidelines on how to choose the best flat for yourself.
- Know your priorities
This is the most important aspect while deciding to purchase a property. When you have your priorities in order, you know what to bear in mind during your house hunting phase. It may include the location you want, the EMIs you can afford, the type of flat which would suit your budget and so on. When you are ready to begin the house search you can keep referring your priority list to stay on track and not get distracted by apartments that do not match your housing needs.
- Purchase terms and cost
In addition to financial terms, look at other purchase conditions to ascertain whether they work with your lifestyle. For example, if you have a pet, you shall have to find out whether the new apartment allows pets? Or, if you plan to move suddenly, how soon can you find a tenant to sublet your place?
In terms of cost, it is a good practice to compare the prices of apartments in the area you are interested in. Remember, apart from the upfront cost you pay for the house, there are also other additional expenses that are associated with purchasing an apartment. These include utility bills, amenity fees, security deposits, and so on. Account for all these expenses before you finalise on a property as all these miscellaneous expenses can add up to a significant amount in the long run.
- Get a second opinion
If you are a first-time homebuyer, it makes sense to involve another family member to evaluate your house choices. You do not have to visit all the properties you like, but you can tag a trusted person to go along with you to visit the top 3 properties on your list. It makes the task easier and you get someone to discuss the pros and cons of a property in a clear manner. If you cannot bring a friend or family member along, you can always share your notes and photos from your hunt with them to help you decide.
- Focus on your return on investment
Invest in an area that ensures a high return on the investment. It is ideal to go in for a cap rate of 7% or greater. The areas that are developing promise immense growth prospects in terms of capital appreciation in the future. If you are looking to purchase a property for investment purposes, you can consult a local broker or real estate valuer to understand the price trends of different areas. Find out how much the houses are selling for in the neighbourhood and invest in localities that promise the best returns.