Plan your real estate New Year resolution

New year resolutions are meant to be broken they say but there are certain resolutions which offer an immense benefit in the short term as well as the long term, especially in Indian real estate. There is no denying the fact that real estate can offer tremendous opportunities to make sufficient gains, but any miscalculated move can easily translate into genuine losses.

Here are some New Year resolution tips that one can consider before embarking on any investment in the real estate sector.

Have a pre defined Budget: One of the most common mistakes a lot of investors or buyers do is to not have any pre defined budget plans. Before embarking on any real estate purchase one must always have a pre defined budget in place. It is very easy to get carried away into paying more than the pocket allows especially with a wide range of options available in the market today.

Easy availability of home loans is another reason why a number of people offshoot their budget. While the budget can be little flexible, overshooting one’s financial capability is going to be detrimental to the overall financial health in the long run.

Focus on Soft Launch:The real estate prices are at their lowest at soft launches offering a tremendous upside to make good gains in the short term. But, a wrong selection could mean blocking of funds for a long term as the project gets delayed. Home buyers can get a better deal and discount of 10 to 15% when comparing price with launched or under-construction properties.

Financial planning and Taxation: While financial planning is a part of New Year resolutions for the majority of people, taxation and maintenance costs are seldom skipped from the list. It is imperative to have all property related taxation expenses including annual maintenance charges as part of the annual budget to avoid any last minute financial crunch in the coming year.

Refinancing home loans: People tend to stop looking t home loan options once they finalize their home loan deal. Refinancing home loans for existing property owners could sometimes offer a better deal that can help save a lot of money in the long run. As part of your New Year resolution, it helps to always keep looking for a better home loan refinance deal and you may end up saving a good amount of money.

Home Insurance: Opting for a home insurance policy for your home is one of the best ways to safeguard against any untoward incident. People spend a lot of money on buying various home interior decors and gadgets but compromise on getting a suitable home insurance policy. This New Year make sure you give your home an added protective cover of an home insurance policy and bring in the New Year with a clam mind.

Buying property in the New Year: A well planned Investment in real estate can give steady returns. When buying the property or planning to buy a property in the New Year, you need to analyze the current trend in real estate and what the expert predicts about real estate in the coming year. There are a number of real estate portals that offer tremendous information and tools to help you in deciding the right property. Using such information may be the one the best New Year resolutions one can make in investing in real estate. Ensure to do your homework and you can also opt broker service for buying a property, but need to plan for the extra charge or broker fee you need to pay.