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Regardless of where you decide on investing your hard-earned cash, we can safely presume that you are either going to hold on to the property for some years after which you can put it on sale for a substantial profit margin, or instantly put it on the rental market to earn a parallel income. In both cases, the investment is not going to be used personally. This is where most investors make a mistake. They buy the property that they would want to stay in, rather than concentrating on a property that their target market requires. For example, if you have always lived in a house, that’s what you would gravitate towards investing in, forgetting that today the economical situation makes it hard for a majority of the population to buy big homes. Most buyers are looking for apartments or condos that offer security, maintenance and other perks without having to bear the expenses of everything single-handedly.
Studying the market is essential before any real estate investment. Decide on a target buyer market and take things further, as this will give you a clear idea about what neighborhoods to look at, the rough budget figure, etc. The kind of investment you are considering should be looked at as a business plan. You may want to plan out a three year or five year investment strategy. This will give you an idea about where to invest, your financial liabilities after investment, and the future profit prospects. Location is one of the key ingredients for a profitable real estate investment. For instance, if you are buying properties in Boisar, your target market is single families that work in the industries nearby or in Mumbai. This means that your priority should be to invest in 2 bedroom apartments that can be rented out. Also, these apartments should ideally be close to the train or bus stations for easy commute and better connectivity.
While in many cases simply letting some real estate agencies know that you are interested in renting the property out to individuals or families is enough, there are times when the investor needs to advertise to get the right tenants. In case you do not believe in having a middleman take away a percentage of your profit, placing advertisements in local newspapers may be a good available option. Most newspapers carry such ads for nominal charges, although we suggest employing a good real estate agency especially if you are a non-resident of the State. Many smart investors believe in furnishing the properties with basic necessities to ensure good rent. While this is not a compulsion, it may be a good strategy to adapt.
Jeffery G. Thacker is a freelance writer for the http://www.mirchandanigroup.com/ . Being an American he often concentrates on blogs and articles about the real estate market in the US, however recently he has written quite a few informative pieces about properties in Boisar and other localities in India. Jeffery is a sportsman at heart and enjoys playing lawn tennis, billiards, soccer and baseball.
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