Characteristics of A Smart Buyers of a Property

Kishan Thakkar K

Introduction

Every person on earth looking to make an investment wants the maximum return on their investment, but not everyone is able to achieve it. When it comes to a smart buyer, there are several characteristics that a wise buyer follows in order to ensure the highest return on their investment.

The term ‘Smart Buyers’ generally refers to the one who can fetch a maximum value from the property at the minimum costs. There are several parameters that a buyer must consider. Consider these 7 characteristics that smart buyers should have.

Check out whether you are a smart buyer by looking at these characteristics

  1. Affordability

Smart buyers decide the budget and have an idea of how much they can afford to spend. It generally happens that the property prices increase than the budget planned by the buyer. The budget must be decided based on monthly income. Consider the thumb rule of not spending more than 30% of net income on a housing loan payment.

  1. Location of the property

Undoubtedly location is one of the important factors while purchasing a property. To find a location that has development potential & appropriate connectivity matters. 

  1. Research 

Before buying a property, a wise buyer should inspect the property. Get expert legal advice before signing any legal documents or agreements about the property and the land upon which it is built. A buyer who does not thoroughly investigate the legal aspects of the property from all perspectives would be at risk.

  1. Financial Literacy

When buying a property, a smart buyer should review and understand the loan offer and review the agreement with a legal expert. Before committing to a loan, they should determine their risk-taking ability.

  1. Legal Aspects

Real estate buyers should familiarize themselves with RERA (Real Estate Regulatory Authority). All these laws are intended to protect them from fraud and dishonesty from the developers.

  1. Buying in Deflation Phase

An individual who can buy the maximum value at the lowest price can be presumed to be a smart buyer. The best time to buy a real estate property is when the market rates are low since rationalized prices are available.

  1. Resale Value

To make a wise investment in real estate, smart buyers must consider its future resale value.

Conclusion

Now that you know what constitutes a ‘smart buyer,’ you can determine whether you fit into that category. Purchasing a house involves a lot of considerations since it is usually the largest purchase a person makes in their lifetime. For real estate-related matters, it is advisable that you seek the advice of the experts at Roodland India. 

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